Philippe Varin, the outgoing CEO of struggling French carmaker PSA Peugeot Citroen, has turned down his 21 million euro pension plan offer – after a national outcry over the sum.
Renouncing the package, Varin said he was doing out of “immense respect … for our company’s staff”
French union leaders and government officials had slammed the pension amount as “shocking” and “inappropriate”.
Varin has been criticised for failing to turn things around at Peugeot, which posted a record loss last year.
Varin said he “understood” the negative reactions to the news but said he believed the compensation was fair.