PSA: although the former CEO will receive a retirement hat – Le Figaro

The former CEO of PSA Philippe Varin, who left the head of the automotive group in early 2014, although retirement will receive a hat almost 300,000 euros per year, even though he had said give it up, reveal press reports Tuesday.

This additional pension will amount to 299,000 euros a year under the new rules on supplementary pension schemes set up by PSA Peugeot Citroën in 2014, according Deontofi.com.
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This amount is also mentioned in the reference document 2014 PSA released in late March.

“Philippe Varin (…) benefits from the resulting system of the new regulation which took effect on 1 January 2014 (…) He has asserted his pension rights during the year 2014. As such, it benefits from a supplementary retirement pension of a gross annual amount of 299,000 euros, “states the document.

End of 2013, leaving the then troubled automotive group, Philippe Varin had to abandon yet € 21 million planned for his retirement hat, facing the avalanche of criticism over the publication of this colossal sum.

In reality, the former chairman of the Corporate Executive Board took advantage of the revision of the pensions cap system of its leaders since 1 January 2014, which reviewed the additional pension downwards.

But to benefit from this new system, Mr. Varin had to display at least 5 years of seniority in the company, “ie, it (was) not leave Peugeot before June 1, 2014 to hit the jackpot,” Deontofi advance .com, then he has to officially leave the end presidency in March.

But his term ended March 31, 2014, when Carlos Tavares took over the presidency of the PSA.

According Deontofi.com, “Peugeot So sign him a new contract for an assistance mission to the implementation of the agreements with the state and Dongfeng” Chinese group who entered the French capital since the year last.

The contract, actually evoked by the group at the time of the arrival of Carlos Tavares, took effect on 1 April and allowed Mr. Varin to complete the five years required to receive that pension cap.

Contacted by AFP, PSA-Peugeot Citroën was unavailable to respond to such information.