Peugeot has got a new CEO in Carlos Tavares, and he is tasked with a mission to turn around Europe's second-largest automaker after the company has seen over 6 billion euros ($8.2 billion) in losses over the past two years. The company has its lowest market share in Western Europe in more than two decades, but it has some extra money to work with now with the French government and China-backed Dongfeng Motor Corp each buying 14 percent stakes.
At Tavares' first meeting with analysts last month he discussed the Paris-based company's overlapping lineup that pits Peugeot and Citroen models against one another. He also discussed streamlining costs and becoming more focused in emerging markets.
Tavares will unveil a new business plan called "Back in the Race" next month when he officially takes over as CEO. The name of the business plan points toward Tavares' competitiveness.
When Tavares oversaw North America for Nissan, he help the company earn 209 billion yen ($2.03 billion) in the region in the year ended March 2010, versus a 46.7 billion-yen loss the previous year. Despite his past successes, Tavares knows that leading will be "The challenge of [his] life!" as he posted on his Facebook page after being appointed Peugeot CEO.
It will be exciting to take a detailed look at Tavares' business plan when it is revealed next month.