Peugeot Citroen CEO becomes a casualty of the car industryÔÇÖs decline

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} France's biggest carmaker, PSA Peugeot Citroen, has sacked its chairman Christian Streiff because of the "extraordinary difficulties" in the motor industry.   Streiff will be replaced by Philippe Varin, current chief executive of the Anglo-Dutch steel group Corus.   The move comes a matter of weeks after Europe's second-biggest car maker announced an unexpected 2008 net loss of Ôé¼343 million and cuts of more than 11,000 jobs this year.   The carmaker's supervisory board chairman, Thierry Peugeot, announced the departure of Streiff in a statement. "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," he said.   Streiff, 54, a former boss of aircraft manufacturer Airbus, had been in the post for little more than two years, but had been suffering from ill-health.   Varin will take over at Peugeot Citroen on 1 June, with an interim boss being appointed in the meantime. "I am confident that under the leadership of Philippe Varin, the group will be able, with all the teams, to unlock its potential," said M. Peugeot.   One in 10 French workers are employed in the car industry, and President Nicolas Sarkozy has promised that the sector will not be allowed to collapse.   The move comes as Rick Wagoner, chairman and chief executive of US automaker General Motors has been told by President Barack Obama that he must step down as part of the companyÔÇÖs restructuring before GM can expect any more government money.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *