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Europe's two biggest car makers changed chief executives yesterday as Bernd Pischetsrieder was dramatically ousted from Volkswagen and the former head of Airbus was appointed to lead Peugeot.
Pischetsrieder's surprise removal from VW will put him in line for a multimillion-dollar pay-off. It comes just six months after he was reappointed to the post for a further five years, having appeared to have won a boardroom battle with chairman Ferdinand Piech.
But it emerges that Piech has won the day, having been uncomfortable with Pischetsrieder's attempts to take the brand downmarket.
Pischetsrieder was chairman of BMW from 1993 to 1998 but lost his job after failing to stem losses at Rover.
The appointment of Christian Streiff as successor to Jean-Martin Folz at Peugeot is less surprising.
Streiff had been tipped for the job after his short-lived reign at Airbus where he failed to gain political support for sweeping job cuts.
- INDEPENDENT
