Renault SA lowered its profitability outlook for the year and named its finance chief Duncan Minto its interim chief executive officer to continue the French automaker’s turnaround.
Minto is taking over from Luca de Meo, who is leaving for Gucci owner Kering SA. The automaker cut its operating margin guidance to around 6.5% for 2025, from at least 7% previously, due to intensifying competition and declines in the automotive market.
The search for a longer-term CEO is “well underway,” Renault said Tuesday.
Candidates for a permanent CEO include Dacia boss Denis Le Vot, Renault’s procurement chief Francois Provost and former Stellantis NV executive Maxime Picat, according to people familiar with the matter.
Renault has been recovering despite challenges including an uncertain transition to electric vehicles, escalating trade tensions and the growing competitiveness of Chinese manufacturers led by BYD Co. Minto and his successor will try to continue the turnaround after De Meo refreshed Renault’s lineup and bolstered profitability.
But Minto is also inheriting struggling businesses including EV and software unit Ampere, which his predecessor failed to take public. And he’ll have to decide how to shape Renault’s alliance with Japanese partner Nissan Motor Co. and the company’s positioning toward China after De Meo assembled an engineering team there and talked up prospects for a budding partnership with Zhejiang Geely Holding Group Co.
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