New PSA/Peugeot-Citroen CEO Carlos Tavares takes over an automaker that has lost more than 7 billion euros in the last five years because he says, “making money was not the core value here.” That is one of the first things the 55-year-old former No. 2 at Renault plans to change.

Other challenges include reducing PSA’s bloated car lineups, strengthening the automaker’s presence in China, adjusting the company’s European production footprint and navigating the potential minefields that come with having to please powerful new shareholders.Tavares welcomes the long list of tough tasks. “When you have the opportunity to contribute to a turnaround, I think that’s exciting,” he told Automotive News Europe.