PARIS (AP) — The outgoing CEO of struggling French carmaker
Philippe Varin announced his decision in a news conference Wednesday a few hours after Finance Minister Pierre Moscovici called the pension sum "inappropriate."
PSA Peugeot Citroen is the midst of deep job cuts and a factory closure, and experienced falling sales during Varin's four years as chief executive.
Varin's private pension pot translates as 310,000 euros ($421,265) per year after taxes, according to PSA. The French government has stakes in the company.