Peugeot shares tumble after boardroom shakeup

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Peugeot-Citroen cited "exceptional difficulties" in the auto industry as the reason for the boardroom shakeup announced yesterday, which will see former Corus CEO Philippe Varin take the helm of Europe's second largest carmaker behind Germany's Volkswagen AG from 1 June.

Peugeot's stock had lost nearly 38% since Streiff took over little more than two years ago. This morning the shares were off 6.2% at 14.40 euros.

Peugot-Citroen last month announced a net loss of 343 million euros in 2008 and forecast more losses this year.

Earlier this year Peugeot-Citroen and domestic rival Renault SA received 7 billion euros in French government loans as part of the state-backed bailout of the auto industry.

Peugeot-Citroen's new vehicle registrations in Europe fell 8.6% last year as the financial crisis and economic slowdown hit consumer demand and squeezed financing.