Renault names procurement chief Francois Provost as new CEO
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.
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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