(Bloomberg) -- The billionaire Peugeot family is taking a major step in its long-anticipated succession plan with a decision to elevate a ninth-generation heir to the helm of its embattled investment firm.
Edouard Peugeot, 40, will replace his father Robert, 74, as chairman of Peugeot Invest at the annual shareholders’ meeting in May 2025, according to a statement. The company’s shares dropped 1.8% in Paris on Thursday, taking the year-to-date decline to 31%.
The Peugeots, who trace their auto empire to 1810, are among France’s most prominent industrial dynasties. The impending generational transition comes after a tumultuous period for the investment firm, which is almost 80% owned by the family and has come under pressure from minority shareholders critical of its performance and deep trading discount.
Eighth-generation scion Robert Peugeot, who has been chief executive officer or chairman for more than two decades, replaced the CEO earlier this year and more recently put the firm in “buying mode.”
His youngest child and future replacement, Edouard, began his career at JPMorgan Chase & Co. before joining TowerBrook Capital Partners in 2011, where he will remain managing director, according to the statement. He has been on Peugeot Invest’s board since 2020. Other relatives on the board include Armand Peugeot, Rodolphe Peugeot, Pascaline Peugeot-de Dreuzy, Camille Roncoroni and Sophie Banzet-Berets.
Last week Peugeot Invest announced the purchase of a stake in fragrance and flavor specialist Robertet SA for €125 million ($132 million). The Grasse, France-based company is listed in Paris and was founded in 1850 by the Maubert family, who remain controlling shareholders.
Peugeot Invest is part of the family’s effort to diversify, but it remains one of the main shareholders in carmaker Stellantis NV through its 51%-owned Peugeot 1810 entity. Stellantis, which owns the Chrysler and Fiat brands, merged with Peugeot in 2021.
The investment firm also has minority stakes in a range of companies, including Rothschild & Co. bank and Spie SA, along with private equity funds. Its net asset value fell to €5.65 billion on June 30, partly due to a decline in Stellantis’ share price. That compares with a stock market capitalization of €1.7 billion.
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