The supervisory board of PSA Peugeot Citroën has appointed Jean-Marc Gales as executive vice president of the Citroën brand and a member of the managing board.
The board also approved the resolutions proposed by the managing board, which will be submitted to shareholders at the annual meeting on 3 June, a statement said.
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“Given the results of 2008 and in order to allocate financial resources in priority to the product plan, to the group’s development and to the strengthening of its cash position, it will proposed to the AGM not to pay a dividend for the fiscal year 2008,” the statement said.
As reported earlier today, PSA Peugeot Citroën revenues dropped 24.9% in the first quarter of this year in line with falling sales in global markets and efforts to reduce excess vehicle stocks.
The automaker said it achieved a 21.4% reduction in inventories vs Q1, 2008. Market share in western Europe was 13.8% and it claimed leadership in low emission cars and light commercial vehicles.
