Long he thinks that a decade is a maximum

In this Friday morning, the agenda of the Committee of Directors of PSA Peugeot Citroën, to test of La Ferté-Vidame (Eure-and-Loir) was totally unexpected: at the monthly meeting, Jean-Martin Folz announced its 60 leaders that he had decided to "assert its rights to retirement" next January, for sixty years. Therefore, the shareholders have launched the process of choosing a successor for the post of Chairman of the Board, it must be submitted to the Supervisory Board "before the end of the year, for making of function in the first quarter of 2007.

A particularly surprising decision, given the work of Jean-Martin Folz bulimia, her passion for the automotive universe, and the temptation of some big bosses to hang on to their seats as long as possible, for fear of the idleness.

Strong growth in sales

All the more surprising that its mandate had been renewed in 2004 for four years. But those who know well understand, advance in his entourage: even if the man had nothing left filter publicly, "it has long been the idea that he should not stay so long in this position, says a close. Long, he thinks that a decade is a maximum. "In this pyramid group, the job of President is extremely operational." If not exhausting in the case of Jean-Martin Folz, does not in place and hates idly. Not question hanging, as Jacques Calvet did after fifteen years of reign: playing by its head calm and transparency, the Chairman of PSA publicly announced the timing in advance, but has failed so far to orbit its successor, as Louis Schweitzer with Carlos Ghosn in Renault.

In fact, Jean-Martin Folz announced at the beginning of the summer his choice to its supervisory board, which has then nothing left filtered but has already initiated the process of succession. For the occasion, the nominations Committee has been expanded several people, such as Ernest-Antoine Seilliere, former President of the Medef and Director-shareholder of PSA, or Jean-Paul Parayre, Chairman of the automotive group from 1977 to 1984.

If Jacques Calvet had left a group cleaned up financially, Jean - Martin Folz was the man of unprecedented growth, from a production of only 2.1 million cars to 3.4 million today, and 140,000 to employees 208.500 in the world. Especially, he pacified the relations between Peugeot and Citroen, who need. Yet, the stock market welcomed Friday the announcement of the next starting at the top by a bond of 4.59 of the session title, which closed up 1.91. Because financial analysts, destabilized by the recent succession of three "profit warnings" and the stagnation of sales, ask more on the need for "another policy".

The extent of the restructuring

Whether there was an altercation between the President of the Executive Board and the Supervisory Board on this subject Nothing has filtered on this subject, but such an assumption would explain the scenario of the retirement of captain at age sixty. Echaudée by the difficult integration of Citroën, over more than twenty years, the family always refused to enter the game of large mergers-removals, preferring much alliances focused on a topic. This scenario is still tenable at the time of the great planetary marriages, for a group still very European, eager to move up a gear Markets are undoubtedly a clarification of the shareholders on this point. "The search for a new CEO could bring the family to challenge its principles and review its strategy of independence", prognostic and JP Morgan.

Another sensitive issue, on which the Supervisory Board may have differences of opinion with Jean-Martin Folz: the extent of restructuring to get out of the rut of the profitability of the automotive industry, and bring him to the level of the best. Very discreet, the Peugeot family will probably come out of its legendary silence.