PARIS – The man who succeeds PSA Peugeot Citroen CEO Jean-Martin Folz next year will inherit a €2.5 million ($3 million) cut in capital spending, a hiring freeze and a lid on research and development. Folz, who unexpectedly announced his retirement earlier in September, outlines the new financial scheme to analysts gathered here by JP Morgan two days before the press days at the Paris auto show. PSA’s annual capital expenditure budget will be reduced to €2.5 billion ($3.2 billion) from ...
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