US auto giant General Motors vice chairman and Opel supervisory board chief Stephen Girsky (R) shakes hands with the board chairman of French carmaker PSA Peugeot Citroen, Philippe Varin, on January 24, 2013 before giving a press conference in Brussels. GM and PSA said the French carmaker would take the lead in developing joint models as the first anniversary approaches of an alliance aimed at restoring profit to European operation. Peugeot will spearhead work on the three vehicle platforms that both manufacturers will use for compact cars they plan to put on sale in 2016. AFP PHOTO / JOHN THYS
Credit: JOHN THYS
CEO of PSA Peugeot Citroen Philippe Varin leaves the Elysee Palace after signing a partnership contract with Dongfeng on March 26, 2014 in Paris, France.
Credit: Jean Catuffe
Peugeot Citroen CEO Philippe Varin looks on during the 83rd Geneva Motor Show on March 5, 2013 in Geneva, Switzerland. Held annually with more than 130 product premiers from the auto industry unveiled this year, the Geneva Motor Show is one of the world's five most important auto shows.
Credit: Harold Cunningham
Philippe Varin, outgoing chief executive officer of PSA Peugeot Citroen, reacts during a news conference to announce the company's financial results at their headquarters in Paris, France, on Wednesday, Feb. 19, 2014. PSA Peugeot Citroen, which hasn't posted a profit since 2011, agreed to bring in Chinese partner Dongfeng Motor Corp. and France as investors as part of a 5.27 billion-euro ($7.26 billion) rescue plan to fund new vehicles. Chris Ratcliffe/Bloomberg via Getty Images
PSA Peugeot Citroen Chairman Philippe Varin views the assembly line of the Citroen C-Elysee at the third plant of Dongfeng Peugeot Citroen Automobile Co., Ltd (DPCA) on July 2, 2013 in Wuhan, China. The third plant of DPCA, a joint venture between the French automaker PSA Peugeot Citroen and the Chinese automaker Dongfeng Motor Corp., was put into operation on July 2, with initial capacity of 150,000 cars a year.
Philippe Varin, chief executive officer of PSA Peugeot Citroen, pauses during a news conference in Paris, France, on Wednesday, Oct. 24, 2012. The French government stepped in to rescue PSA Peugeot Citroen, Europe's second-largest carmaker, by guaranteeing as much as 7 billion euros in new bonds in exchange for greater influence over the company's strategy. Photographer: Balint Porneczi/Bloomberg via Getty Images
Philippe Varin, chief executive officer of PSA Peugeot Citroen, listens during a visit to the Francaise de Mecanique engine plant in Dauvrin, France, on Monday, Oct. 8, 2012. PSA Peugeot Citroen needs to discuss with the government its plan to cut as many as 8,000 jobs and close a plant, French Industry Minister Arnaud Montebourg said in an interview on Europe 1. Photographer: Balint Porneczi/Bloomberg via Getty Images