Thierry Peugeot Pushed Off PSA Board

Thierry Peugeot, deputy chairman of PSA Peugeot Citroen, has been forced off the company's board after publicly complaining about PSA's €3 billion capital tie-up with the French government and China's Dongfeng Motor Corp.

The deal reduced the equity in PSA owned by the founding Peugeot family from 25% to 14.1%, thus equaling stakes held by the government and Dongfeng.

Peugeot stepped down as PSA's chairman when the equity sale occurred earlier this year. He has been replaced as deputy chairman by his sister, Marie-Helene Roncoroni.

Thierry sparred publicly with his cousin Robert Peugeot earlier this year over the need for an equity sale. An unidentified source tells Reuters the board bristled at his comments in June to Les Echos that PSA should have pursued other options to generate the capital it needs to fund its turnaround.