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Faurecia announces the resignation of Olivia Larmaraud, Grégoire Olivier and Philippe de Rovira from its Board of Directors, with immediate effect. All three had been Board Members nominated by PSA.
These resignations come as a result of the commitments made by PSA and FCA in the context of their merger operation.
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As of today, the Board of Directors of Faurecia is comprised of 12 Board Members of whom 80% are independent (excluding the 2 Board Members representing employees).
Also in accordance with its commitments, PSA converted today all of its shareholding in Faurecia into bearer shares thereby losing the associated double voting rights.
The distribution of the Faurecia shares will be completed after the Stellantis Board and shareholders’ approval, which Faurecia expects to occur by the end of the first quarter 2021. With the resulting increased free float and market visibility, the Group will continue to deploy its strategy focused on technologies for the Cockpit of the Future and Sustainable Mobility. At its Capital Markets Day to be held on February 22, 2021, Faurecia will outline its mid-term perspectives and strategy.