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Peugeot chief renounces pension package after outcry

Philippe Varin, Chief Executive Officer of French carmaker PSA Peugeot Citroen, arrives to speak to journalists at the Peugeot headquarters
Philippe Varin, Chief Executive Officer of French carmaker PSA Peugeot Citroen, arrives to speak to journalists at the Peugeot headquarters

PARIS (Reuters) - French PSA Peugeot Citroen's outgoing chief executive Philippe Varin said on Wednesday he would renounce his pensions package because of the polemic and the emotion it has sparked in France.

"Given the immense respect I have for our company's staff and the consequences of the difficult but necessary decisions I had to take, I have decided to renounce on the current dispositions of my pension package," Varin said.

He added that the company's supervisory board would decide on the conditions of his departure.

Unions and government ministers have criticized Varin's pension package, for which the company has set aside 21 million euros ($28.5 million) in provisions.

Peugeot announced this week that Varin would be replaced next year by former Renault No.2 Carlos Tavares.

(Reporting by Gilles Guillaume, writing by Geert De Clercq)

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