Report: Tavares to Become CEO at PSA in March

Carlos Tavares, who joined PSA Peugeot Citroen at the beginning of January, appears unlikely to take over as head of the ailing carmaker until March, according to Reuters.

Earlier reports suggested that Tavares, formerly chief operating officer at Renault SA, would become CEO on Feb. 19 when PSA announces financial results for 2013. But unnamed sources tell Reuters current CEO Phiippe Varin wants to retain the job until China President Xi Jinping visits France in March on a trade mission.

Xi's visit also may coincide with finalization of an expected equity investment in PSA by China's Dongfeng Motor Co. Varin has played a key role in the plan for a €3 billion capital increase that would involve equal investments of at least €750 by Dongfeng and the French government, plus a rights issue worth €1.4 billion.