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| Peugeot Citroen drops CEO Streiff | Peugeot Citroen drops CEO Streiff |
| (about 4 hours later) | |
| France's biggest carmaker, Peugeot Citroen, has sacked its chairman weeks after it announced huge losses and a massive programme of job cuts. | France's biggest carmaker, Peugeot Citroen, has sacked its chairman weeks after it announced huge losses and a massive programme of job cuts. |
| The firm said it had removed Christian Streiff because of the "extraordinary difficulties" the motor industry faces. | The firm said it had removed Christian Streiff because of the "extraordinary difficulties" the motor industry faces. |
| He will be replaced by Philippe Varin, current chief executive of the Anglo-Dutch steel group Corus. | He will be replaced by Philippe Varin, current chief executive of the Anglo-Dutch steel group Corus. |
| Consumer demand for cars has dropped since the credit crunch, plunging the sector into crisis. | Consumer demand for cars has dropped since the credit crunch, plunging the sector into crisis. |
| Government bailout | Government bailout |
| The carmaker's supervisory board chairman, Thierry Peugeot, announced the departure of Mr 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. | "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. |
| Mr Streiff, 54, a former boss of aeroplane maker Airbus, had been in the post for little more than two years but had been suffering from ill-health. | Mr Streiff, 54, a former boss of aeroplane maker Airbus, had been in the post for little more than two years but had been suffering from ill-health. |
| Mr Varin will take over as Peugeot chief on 1 June, with an interim boss being appointed until then. | Mr Varin will take over as Peugeot chief on 1 June, with an interim boss being appointed until then. |
| "I am confident that under the leadership of Philippe Varin, the group will be able, with all the teams, to unlock its potential," said Mr Peugeot. | "I am confident that under the leadership of Philippe Varin, the group will be able, with all the teams, to unlock its potential," said Mr 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 collapsed. | 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 collapsed. |
| The government has already agreed to lend Peugeot Citroen 3bn euros ($4bn; £2.8bn), with a similar loan being agreed for rival firm Renault. | The government has already agreed to lend Peugeot Citroen 3bn euros ($4bn; £2.8bn), with a similar loan being agreed for rival firm Renault. |
| The firm, Europe's second-biggest car maker, reported an unexpected 2008 net loss of 343m euros after its sales slumped. | The firm, Europe's second-biggest car maker, reported an unexpected 2008 net loss of 343m euros after its sales slumped. |
| It plans to cut more than 11,000 jobs this year. | It plans to cut more than 11,000 jobs this year. |