French unions and officials on Wednesday slammed plans to award a €21 million pension plan to the CEO of struggling carmaker PSA Peugeot Citroen, Philippe Varin.
Finance Minister Pierre Moscovici called the amount "inappropriate" and urged Peugeot to "shed light" on the details of the deal.
Facing calls from unions to forsake the money, Varin said he "understood" the reaction to the news but insisted the compensation was fair.
"When I leave the company, when that time comes, I will not receive any severance pay," he told France Info radio, noting that the €21 million ($28.5 million) would be used to pay his €300,000 annual pension and not
be provided in a lump sum.
The 61-year-old Varin took charge of Peugeot in 2009. Full story...
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Finance Minister Pierre Moscovici called the amount "inappropriate" and urged Peugeot to "shed light" on the details of the deal.
Facing calls from unions to forsake the money, Varin said he "understood" the reaction to the news but insisted the compensation was fair.
"When I leave the company, when that time comes, I will not receive any severance pay," he told France Info radio, noting that the €21 million ($28.5 million) would be used to pay his €300,000 annual pension and not
be provided in a lump sum.
The 61-year-old Varin took charge of Peugeot in 2009. Full story...
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