Renault names procurement chief Francois Provost as new CEO
named
Francois Provost
, its chief procurement officer, as CEO on Wednesday, opting for a little-known company insider to steer the French carmaker through growing competition and weak demand that triggered a
profit warning
earlier this month.
The appointment, effective from July 31, comes a month after former boss Luca de Meo abruptly resigned to join luxury group Kering.
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Provost takes on the job at a critical time for Renault, which has fared better than many of its peers over the last year thanks to a focus on Europe that insulates it from trade turmoil caused by U.S. President Donald Trump's tariffs.
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But its reliance on Europe makes it more vulnerable to the region's sluggish growth, and weaker-than-expected June volumes led it to cut its full-year margin forecast earlier this month and step up
cost-cutting measures
.
The French carmaker cited Provost's "strong international experience in both operational and strategic roles, an in-depth understanding of the sector's challenges, and a strategic vision" as reasons for his appointment.
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Provost, 57, spearheaded the automaker's transformation plan unveiled in 2022 by De Meo. He had been named Director of International Development and Partnerships in 2020, and then Director of Public Affairs in 2021.
Although not widely considered the top contender in the CEO race, the board likely looked to his international experience and his understanding of company strategy ahead of a new strategic plan to be unveiled later this year, said Michael Foundoukidis, analyst at Oddo-BHF.
Provost has been pivotal in creating and extending Renault's partnership arrangements, including its cooperation with Geely in South Korea, the reshaping of Renault's partnership with Nissan, and the Horse ICE powertrain joint venture with Geely and Aramco, said Morningstar analyst Rella Suskin.
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