Peugeot Citroen drove out CEO Christian Streiff and replaced him with Philippe Varin over the weekend.
The French automaker took a steep ride down hill, posting a $460 million (343M euros) net loss and is not expected to shift back uphill until 2010.
Streiff didn’t take the firing without spinning his rims, saying
“his policies had allowed the group to be “well equipped to face the crisis.” He cited a cost-cutting plan, significant inventory reductions and the launch of several new models.”
“The economic and financial community hailed these results. Thus I cannot understand the board’s decision,” he said.”
The board didn’t agree with his model and contends he was driving the company backwards down a one-way street.
