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FRANCE: Economics Ministry hails former EADS' Louis Gallois appointment to PSA board

By Simon Warburton | 19 December 2012

France's Economic Redevelopment Ministry has welcomed the nomination of former European Aerospace and Defence company chief executive, Louis Gallois, to its supervisory board.

Gallois will participate in the committee overseeing the US$9bn gurantee made available to Banque PSA Finances put up by the French government, although Ford, Volkswagen and Renault have questioned the option.

"To recap, PSA agreed to several conditions for its guarantee, to be voted on by Parliament and with the agreement of the European authorities," said an Economics Redevelopment Ministry statement, which also noted the overseeing committee would consist of State representatives, PSA management and an independent supervisory member.

A statement from PSA said: "The Supervisory Board of Peugeot agreed to co-opt Louis Gallois as lead independent member during its next meeting.

"The appointment will be submitted to shareholder ratification at the annual meeting on 24 April,l 2013."