PARIS — Valeo said that board member Gilles Michel, a former top executive at PSA Group, will become its new chairman of the board, effective Jan. 1, 2023.
Michel will replace Jacques Aschenbroich, who will step down on Dec. 31, in line with commitments he made in the context of his appointment as chairman of French telecoms group Orange and as announced in March 2022, the statement on Thursday said.
Aschenbroich was also CEO of Valeo from 2009 until this year, when he was succeeded by COO Christophe Perillat. Aschenbroich was named an Automotive News Europe Eurostar in 2016.
Michel, who has extensive experience in the automotive industry, has been an independent director of Valeo since May 23, 2018.
Michel joined PSA in 2002 as head of platforms, technical affairs and purchasing. He was head of the Citroen brand from 2007-08 and was a member of PSA’s five-person managing board. He left PSA that year to run the French government’s strategic investment fund.
Among his responsibilities on Valeo’s board, Michel has been chairman of the Compensation Committee and of the Governance, Appointments and Corporate Social Responsibility Committee, and is a member of the Strategy Committee.
Reuters contributed to this report