The billionaire Peugeot family has tapped a French private equity manager to head its listed investment firm in a bid to draw a line under a shareholder revolt and portfolio missteps.
Jean-Charles Douin, 46, will become CEO of Peugeot Invest SA no later than Oct. 28, according to a statement Wednesday. The company previously announced that Bertrand Finet would step down as CEO no later than July 31. Board member Nicolas Huet will serve as interim CEO until Douin joins Peugeot Invest.
Douin previously spent 16 years at the Ontario Teachers’ Pension Plan, where he headed private equity in Europe, the Middle East and Africa, according to the statement. Before that he worked at the buyout firm CapVest and UBS Group AG.
Douin will join Peugeot Invest at a tumultuous time for the investment company following criticism from minority shareholders about the performance of the business and its deep trading discount. Eighth-generation scion Robert Peugeot is scheduled to step down as chairman in 2025 after more than two decades at the helm of the firm, which is almost 80% owned by the family.
Peugeot Invest’s annual meeting in May was peppered with complaints by investors about governance, royalties paid annually for use of the family name and losses related to the collapsed European property empire Signa and French care-home operator Orpea.
“Jean-Charles will enable the company to confidently embark upon a new stage of its development, in particular by identifying growth opportunities that will create value for all our stakeholders,” Robert Peugeot said in the statement.