Renault appoints Minto as its temporary leader
Renault has appointed Duncan Minto as interim CEO, marking a significant shift in the company's leadership following Luca de Meo's departure to Kering. Minto, who has spent his entire career at Renault, has been the CFO of the company since March[1][5].
Minto, who has overseen various leadership positions at Renault, is now overseeing day-to-day operations during this transition[2][4]. Jean-Dominique Senard, Renault's Chairman, will support Minto in his interim role[6].
As for the permanent CEO position, several names are being tossed around. Among the internal candidates is Denis Le Vot, the head of Renault's Dacia brand. Le Vot's success with models like the Sandero and Duster has made him a strong contender[3].
Maxime Picat, Stellantis' global purchasing chief and former CEO of Peugeot, is another potential internal candidate[3]. Analysts have also mentioned Picat as a possible external candidate.
There is also speculation about possible external hires from major industry players such as Volkswagen or Nissan, though no specific names have been confirmed[3].
Interestingly, Minto is not a candidate for the permanent CEO position at Renault[4]. This suggests that the company is looking outside the current leadership for a fresh perspective.
Investors are eagerly awaiting Minto's details on Renault's strategic plan, which is set to be unveiled on July 31[7]. The company has already announced that they are preparing a new strategic plan[1].
The process to select a new CEO is underway at Renault, with Senard effectively steering the ship during this period[2][4]. Senard's age has reportedly prevented him from taking on the operational leadership[8]. The board chose not to appoint any of the internal favorites as interim CEO to keep the selection process unbiased[2].
This transition comes at a critical time for Renault, as the automotive industry grapples with the challenges of electrification and digitalisation. The company will need to navigate these changes carefully to ensure its continued success.
[1] Renault Announces Preparation of New Strategic Plan [2] Renault Appoints Duncan Minto as Interim CEO [3] Potential Candidates for Renault's CEO Position [4] Duncan Minto Not a Candidate for Permanent CEO Position at Renault [5] Minto Becomes CFO of Renault in March [6] Jean-Dominique Senard to Support Duncan Minto in Interim Role [7] Investors Expect Minton to Provide Details on Renault's Strategic Plan on July 31 [8] Jean-Dominique Senard Cannot Take on Operational Leadership Due to Age Reasons (Les Echos)
Minto, as the interim CEO, will need to address the challenges in the automotive industry, specifically navigation through electrification and digitalization, while developing a strategic plan for the company's finance and transportation sectors.
Analysts have mentioned Maxime Picat, a potential internal candidate with experience in the automotive industry from Stellantis, as well as external hires from major industry players like Volkswagen or Nissan, as possibilities for Renault's permanent CEO position.
