Chief Executive of steel maker Corus Philippe Varin will take over as the Chairman of the Managing Board of French car maker PSA Peugeot Citroen from June this year.
Varin is currently the chief of Indian conglomerate Tatas-owned Corus - the world's sixth-largest steel maker.
The Supervisory Board of Peugeot has appointed Varin as the Chairman of the Managing Board with effect from June 1, 2009, it said in a statement.
Media reports said Varin would be taking over as CEO.
In January, Corus said that Varin would step down as its Chief Executive on April 6, 2009.
Peugeot had shown the door to its Managing Board Chairman Christian Streiff only weeks after the company posted huge losses and also came up with job cuts.
"Given the extraordinary difficulties currently faced by the automotive industry, the Supervisory Board decided unanimously that a change in the senior leadership position was necessary," Peugeot's Supervisory Board Chairman Thierry Peugeot said.
In the meantime, Roland Vardanega, member of the Managing Board, would act as interim Chairman till Varin takes over in June.
Fifty-six-year-old Varin was at the helm of affairs when Corus was acquired by Tata Steel for more than USD 12 billion in 2007.
"I am confident that under the leadership of Philippe Varin, the group will be able, with all the teams, to unlock its potential," Thierry Peugeot said.
The French maker reported a massive loss of about 343 million euros in 2008. Moreover, the entity is planning to slash nearly 11,000 jobs in 2009.
Varin joined Corus as its Chief Executive in April 2003 and played a major role in turning around the fortunes of the company.
"When Tata Steel acquired Corus, Varin had agreed to continue as Chief Executive for at least two years. Now that he has met his commitment, he has decided to seek a new challenge," Corus said in a statement in January.
The steel maker noted that Varin would continue to serve on the Boards of Tata Steel Europe and Tata Steel as a non-executive director.
According to the Peugeot statement, Varin would start familiarising with the activities of the company from April 15.
