Duncan Minto is named interim director general of Renault and lowers the group's targets
Having just been named to the post, the 50-year-old finance executive – who has spent 27 years at Renault – had to issue what is known in financial jargon as a profit warning: informing the markets that Renault's full-year figures would not meet expectations. Disappointing sales in June had reduced the group's cash reserves. Minto was quick to clarify to financial analysts, who had been urgently gathered, that this bad news "had nothing to do" with de Meo's departure; nevertheless, it has tarnished his record.
The interim director general will be supported by Jean-Dominique Senard, chairman of Renault's board of directors. Senard himself cannot oversee the transition, since Renault's bylaws set the age limit for director general at 65, and the former Michelin chief executive is 72. The commercial context, with a poorly performing French market and a sharp decline in van and other utility vehicle sales in June, will force the group to make cuts. "We are waiting to see what the human and financial consequences of these austerity measures will be," commented Guillaume Ribeyre, the central union representative for the CFE-CGC (Confédération Française de l'Encadrement – Confédération Générale des Cadres, a union that represents managers and professionals). The interim director general is expected to give more details on the measures he intends to take on July 31, when the group's half-year results will be presented.
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