Renault designates Duncan Minto as temporary CEO, issues profit forecast adjustment

Renault, the French automaker, has announced a series of leadership changes and a profit warning today. The most significant change is the appointment of Duncan Minto as interim CEO, taking over from Luca de Meo who is stepping down as CEO, effective from 15 July.

Minto, who has been the chief financial officer (CFO) of Renault since March this year, will temporarily take over the day-to-day management of the company alongside Jean-Dominique Senard, who will hold the position of chairman of Renault's operating company.

Minto's appointment as CFO of Renault Group was in March this year, following his stints as CFO of Dacia and more recently CFO of Alpine. He has also held various roles within Renault divisions in Europe and Asia Pacific, including vice-president, managing director, and CFO positions. Minto has been part of Renault since 1997.

The selection process for the new head of Renault is ongoing, according to the carmaker. Renault had a planned change in leadership, and the new CEO has not yet been appointed. The carmaker, however, assures that the selection process is well underway.

Luca de Meo's departure from Renault was set to be effective on 15 July. De Meo had been expected to step down as CEO of Renault this week. The reasons for his departure are not yet clear.

Renault has also issued a profit warning today, citing supply chain issues and increasing costs as the main reasons. The carmaker is currently facing challenges in meeting its production targets, which has led to the profit warning.

Despite the leadership changes and the profit warning, Renault remains optimistic about its future. Minto, with his solid experience in finance and a deep understanding of the issues at stake, is expected to provide stability during this transition period. The carmaker is confident that the new CEO, once appointed, will lead Renault to new heights.