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Renault will name an interim chief executive next week as it continues to search for a replacement for Luca de Meo, who is to leave the carmaker to head luxury group Kering.
The company has narrowed its shortlist of CEO candidates to Dacia boss Denis Le Vot, head of procurement, partnerships and public affairs François Provost, and ex-Stellantis executive Maxime Picat, people familiar with the matter said.
They added the group faced a tight timeline to appoint a permanent chief by July 15, when De Meo is due to depart. People with knowledge of the discussions said recruitment agency Russell Reynolds Associates was assisting with the search.
De Meo shocked Renault’s board with his abrupt announcement of his exit for Kering in mid-June, just days after he had outlined his future strategy for the French carmaker.
Le Vot is respected internally for turning budget brand Dacia into one of Renault’s most successful brands. He is also known for his ability to navigate complex situations from leading the company’s work on its supply chains to taking the lead on the group’s departure from Russia.
Meanwhile, Picat left Stellantis last month after he was overlooked as the company’s chief executive in favour of its North American boss Antonio Filosa.
The people added that there was no urgency to appoint an immediate successor, saying that de Meo had already outlined the company’s strategy and the business is approaching the quieter summer period.
Renault said its search for a new chief executive was ongoing and did not comment on the candidates. Russell Reynolds did not immediately respond to a request for comment.
The people added the company wants to avoid a drawn-out search process as seen at rival Stellantis. The maker of the Jeep and Fiat brands took more than 6 months to name Filosa as the replacement for Carlos Tavares.
De Meo’s successor will be expected to continue work undertaken by the Italian, who had outlined a new strategy involving integrating technology and deploying more partnerships, the people familiar with the company said.
Renault has fared better than its larger European competitors which have struggled in the face of slowing demand, thanks in part due to its lack of exposure to the US or Chinese markets.
However, Jefferies analyst Philippe Houchois noted that “Renault is facing a period of strategic uncertainty” in a note published on Tuesday. The carmaker’s share price remains almost 6 per cent below the level prior to de Meo’s departure.
The new CEO will also have to satisfy the demands of the French government, which is now the company’s largest shareholder.
Last week, Renault said it was taking a €9.5bn non-cash loss on its stake in Nissan following a change in the way the French carmaker accounts for the holding in its struggling Japanese partner.
Renault has been restructuring its 26-year alliance with Nissan and is gradually reducing its holding in the Japanese group, which was once as high as 43 per cent, to 10 per cent.
