Gilles Michel, managing director of the Citroen brand, will leave PSA/Peugeot-Citroen to run the French government’s new strategic investment fund.
Michel, 52, has been a rising star within PSA’s upper-management team since joining the company in 2002 as head of platforms, technical affairs and purchasing. He has run the Citroen brand since 2007 and is a member of PSA‘s five-person managing board.
Announced on November 20, the planned 20 billion euro fund is a key element in the French government’s plan to defend domestic companies from the economic slowdown and hostile takeovers.