PARIS — Valeo stated that board member Gilles Michel, a former high government at PSA Group, will grow to be its new chairman of the board, efficient Jan. 1, 2023.

Michel will change Jacques Aschenbroich, who will step down on Dec. 31, consistent with commitments he made within the context of his appointment as chairman of French telecoms group Orange and as introduced in March 2022, the assertion on Thursday stated.

Aschenbroich was additionally CEO of Valeo from 2009 till this 12 months, when he was succeeded by COO Christophe Perillat. Aschenbroich was named an Automotive Information Europe Eurostar in 2016.

Michel, who has in depth expertise within the automotive business, has been an impartial director of Valeo since Could 23, 2018.

Michel joined PSA in 2002 as head of platforms, technical affairs and buying. He was head of the Citroen model from 2007-08 and was a member of PSA’s five-person managing board. He left PSA that 12 months to run the French authorities’s strategic funding fund.

Amongst his obligations on Valeo’s board, Michel has been chairman of the Compensation Committee and of the Governance, Appointments and Company Social Accountability Committee, and is a member of the Technique Committee.

Reuters contributed to this report