Motoring
Peugeot Seeks to Hire Tavares as Eventual CEO
PARIS — PSA Peugeot said it has recruited Carlos Tavares to become its chief executive next year, just as the loss-making French auto maker is looking to bring in new investors.
Peugeot said on Monday it is appointing Mr. Tavares, a Portuguese national and a seasoned automobile executive, to its management board effective Jan. 1, with a view to him replacing current CEO Philippe Varin in the course of 2014.
The company said that the initiative for the changeover came from Mr. Varin, who “expressed the wish that the next step of consolidation and conquest be undertaken under the leadership of a new pilot, enabling the strategy of the Group to be implemented over the long term.”
Carlos Tavares as he attends a news conference announcing Renault’s 2012 half-year results in July last year. Reuters
Mr. Tavares was chief operating officer at rival French car maker Renault SA until this summer. An official at Peugeot said noncompetition issues “have been dealt with.”
The appointment of Mr. Tavares comes as Peugeot is seeking to shore up its capital, possibly with Chinese partner Dongfeng MotorsCo. and the French government each taking a stake, according to people familiar with the matter.
Speculation in recent days that Mr. Varin might leave Peugeot abruptly had alarmed Dongfeng executives concerned that his departure would deprive them of their main and trusted contact at the French car company.
In Monday’s statement, Peugeot said Mr. Varin will continue his mission of carrying out “strategic discussions” with various partners.
Peugeot is bleeding cash because of weak sales and under used factory capacity in Europe. Reducing investment beyond what has already been done could jeopardize the future of a major French employer.
Peugeot’s board authorized the search for a deputy for Mr. Varin a few months ago, as there was no designated successor, something that board members felt represented a risk for the company, said one of the people familiar with the matter.
Mr. Tavares is well respected in the global auto industry. He had a long career at Renault and its Japanese alliance partner Nissan Motor Co., and is an accomplished racing driver in his spare time. He ran Nissan’s North American operations for four years before joining Renault in 2011 as chief operating officer, effectively Renault’s second most senior executive after CEO Carlos Ghosn who also heads Nissan.
But his departure from Renault was controversial. It came days after a blunt declaration to Bloomberg News of his frustration at waiting for his boss, Mr. Ghosn, to retire. Mr. Tavares said at the time he felt he had the talent to run a global auto maker such as General Motors Co. or Ford Motor Co.
Registrations of new cars made by Peugeot have fallen 10% in the first 10 months of this year compared with a just a 3.1% contraction in the overall EU market.
Peugeot, which already has a cost-saving alliance with General Motors Co., is trying to find a new partner to share the cost of new industrial and commercial projects.
Long-standing negotiations on how Dongfeng might contribute continue to progress, but slowly, according to people familiar with the talks. Peugeot is also talking to other potential partners about sharing the cost of new industrial and commercial projects.
On the financial front, it is likely the French state will step in to support one of France’s flagship industrial companies given that the founding Peugeot family is unable to contribute significantly to a new capital raising, according to these people.
Although the state doesn’t have a stake in Peugeot, it has a say in board decisions because of a state guarantee that is helping the car maker’s bank continue to access financial markets on reasonable terms, said one of the people.
– WALL STREET JOURNAL
The Federal Capital Territory Administration (FCTA) has ended contracts with taxi rank and terminal operators due to their failure to meet engagement terms and conditions.
Mr. Ubokutom Nyah, the Mandate Secretary of the Transportation Secretariat, FCTA, made this announcement during a meeting with managers of these terminals and taxi ranks in Abuja.
Nyah clarified that due to the operators’ failure to fulfill their engagement terms, the FCTA had to terminate their contracts.
He instructed them to transfer control of the ranks to the Administration within three months, starting from Nov. 21.
He lamented the presence of unauthorized motor parks in the city and assured the readiness of the Administration to establish proper taxi ranks and terminals in the capital.
He revealed that personally visiting the city’s taxi ranks, terminals, and unauthorized motor parks gave him direct insight into the poor condition of these facilities.
He emphasized that as the federal capital city, Abuja deserves better, highlighting that the poor condition of these facilities attracts various criminal elements.
He said “We must rid Abuja of all these. I have gone round the taxi ranks, and of all the places I visited, not one is worthy to be called even a village motor park.”
The Mandate Secretary stressed that the intention wasn’t punitive; rather, it aimed to revamp the sector, introduce new engagement terms, and modernize taxi ranks and terminals in the federal capital.
He also highlighted the plan to increase the number of terminals and ranks where necessary, which would positively impact the administration’s revenue.
He emphasized that this measure was part of a broader effort to eliminate illegal motor parks in Abuja and curb the associated criminal activities.
In response, Mr. Adebisi Lawal, the Operator of Jahi Taxi Rank, praised the administration’s initiative to modernize the taxi ranks and terminals.
Lawal urged the administration to prioritize current operators’ involvement in the selection of new developers for the modernization of the taxi ranks and terminals.
It was a show of power at the Ojota area of Lagos on Monday as soldiers pummeled an officer of the Lagos State Traffic Management Authority, (LASTMA).
Eyewitness accounts claim that the ugly scene played out around 8am, and saw about eight soldiers pounce on the yet to identified LASTMA official, while his colleagues took to their heels.
The video of the melodrama has gone viral, where the LASTMA official was appealing to the soldiers, who appeared bent on ‘teaching him a lesson’.
This onslaught comes on the back of a reported assault of a soldier at the same location by LASTMA officials last week.
It would appear that what played out today was the army asserting its authority and defending their khaki as the armed soldiers carried out what looked like a revenge mission.
Eyewitnesses further averred that the victim was rushed to a nearby hospital, after the soldiers left the scene.
It was gathered that the authorities at LASTMA has reported the incident to the military authorities who are said to be looking into the matter.
Meanwhile many members of the public are rejoicing that the soldiers have taught the crude LASTMA official that power is stronger than power, for all their atrocities against motorists on Lagos roads.
The impact of the removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, has seen the pump prices of the product skyrocket with a corresponding increase in the cost commercial transportation in Nigeria.
According to the National Bureau of Statistics (NBS), intra-city bus transportation fares across Nigerian cities, measured between May and June 2023, increased from N649.59 to N1,285.41 in June 2023.
This translates to 98 percent growth or N635.82 within the month in view.
The NBS made the data available in its Transport Fare Watch report for June 2023.
In the report, the NBS also shared the breakdown of bus journeys within the cities per drop for constant routes; bus journey intercity (state route); charges per person, amongst others.
On a year-on-year basis, the report has it that bus fares rose by 120.63 percent from N582.61 paid by commuters in June 2022.
The average fare paid by commuters for bus journey intercity per drop rose to N5,686.49 in June 2023 compared to N4,002.16 in May 2023 indicating an increase of 42.09 percent, month-on-month.
The report read, “The average fare paid by commuters for bus journeys within the city per drop increased by 97.88 per cent from N649.59 in May 2023 to N1,285.41 in June 2023.
On a year-on-year basis, it rose by 120.63 per cent from N582.61 in June 2022.
“In another category, the average fare paid by commuters for bus journey intercity per drop rose to N5,686.49 in June 2023, indicating an increase of 42.09 on a month-on-month basis compared to N4,002.16 in May 2023.
“On a year-on-year basis, the fare rose by 55.25 per cent from N3,662.87 in June 2022.”
Biztellers reported that the twin forces of forex pressure and increasing price of Brent in the global market would likely see the pump prices of petrol, increased again in no distant time in Nigeria.
JUST IN: Minors Freed By Nigerian Govt Arrive Presidential Villa
Nollywood Star, Charles Okocha Announces Upcoming Wedding
Don’t Ignore These Hidden Health Clues In Your Urine
JUST IN: Equatorial Guinea Blocks WhatsApp Multimedia Amid Engonga Sex Scandal
U.S. Election: Historic Decision Looms As Kamala Harris, Trump Enter Dead-Heat Contest
US Election: Cardi B Expresses Nerves
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
