For the first time in almost two decades, the Peugeot family of billionaires has replaced the CEO of its holding company. Lawyer Nicolas Huet will take over from Thierry Mabille de Poncheville, the French clan’s Etablissements Peugeot Freres announced. Huet will take up his post on October 9th.
The new CEO previously worked for Paris-based buyout firm Eurazeo, where he was a member of the board until a major restructuring earlier this year Bloomberg
reported. Huet is said to be working closely with spokesman and family member Frederic Banzet.
Poncheville ran the holding company’s operations for a total of 18 years, managing the fortune of the family whose ancestors founded the automaker of the same name. The diversification of the portfolio also began under his aegis, the Peugeot brand was no longer to be associated only with the car business.
The Peugeot family is one of the richest industrial dynasties in France. The cornerstone of the empire was laid in 1810 with a steel workshop, and the Peugeots then brought their first automobile onto the market in 1891. This makes Peugeot the oldest existing car brand in the world.
About a decade ago, the carmaker’s heavy losses led to a dispute among the three eighth-generation families that resulted in the loss of control of Peugeot. In 2021, the company, which now operates under the name PSA Groupe, merged with the US manufacturer Fiat Chrysler to form the new car giant Stellantis with a total of 14 car brands. Largest shareholders: the French Peugeot clan with 7 percent and the Italian Agnelli dynasty with 14 percent.