After a three-month stint in 2006 as CEO of airplane manufacturer Airbus, Streiff was appointed CEO of the PSA Group in November 2006. Thierry Peugeot, the chairman of PSA’s supervisory board, stated the following:
Given the extraordinary difficulties currently faced by the automotive industry, the supervisory board decided unanimously that a change in the senior leadership position was necessary.
Streiff’s replacement will be Philippe Carin, the CEO of steelmaker Corus.
The Carpocalypse has hit France’s rigid industry—where 10% of the workforce is employed by carmakers—particularly hard: PSA has lost $453 million in the year 2008 and is planning to cut 11,000 jobs this year.
Both PSA and rival Renault will be given an emergency loan of $4 billion by the French state.
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