French family firm PSA Peugeot Citroen has appointed its first non-family chairman, following the announcement of its recapitalisation last month, but there could be future family-member leaders waiting in the wings, according to a business and corporate governance expert based in France.
Last week, the carmaking firm confirmed French civil servant Louis Gallois would be its new chairman, and the family’s board presence would halve to two voting members, due to the family diluting its share in the family business.
