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PSA/Peugeot-Citroen's board has approved hiring former Renault Chief Operating Officer Carlos Tavares to replace Philippe Varin as CEO at the French manufacturer, people familiar with the matter said.

Varin, 61, plans to step down next year as head of Europe's second-largest automaker and wants Tavares, 55, to initially serve as his No. 2, said the people, who asked not to be identified because the decision has not yet been made public.

An announcement will come as soon as today, the people said. Pierre-Olivier Salmon, a Peugeot spokesman, declined to comment.

 


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