Peugeot UK Chief Parham to Quit Over Restructuring
Radu Boghici (r.boghici@usa.net)
28 May 99 13:24:11 America/Fort_Wayne
London, May 28 (Bloomberg) -- Richard Parham managing director of carmaker
Peugeot U.K., has resigned after parent company PSA Peugeot Citroen took
direct control of manufacturing operations at the U.K.'s Ryton, near Coventry
plant, the Financial Times reported, citing a company statement. PSA Peugeot
Citroen chairman Jean-Martin Folz, appointed just over a year ago, is
implementing a restructuring program which would reduce the role of Parham to
controlling sales and distribution. The company gave no indication who will
succeed Parham who leaves in June, the paper said.
Automakers face a 9 percent slump in global demand in the next two years, and
excess capacity will force more mergers and factory closures, according to the
latest review of the car industry by the Economist Intelligence Unit which
came out May 20th.
(FT 5/28 12 www.ft.com)
May/28/ 99 2:28
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