Renault crowns Provost as CEO after De Meo exit
Renault Names Procurement Director as New Chief Executive
Context for the Leadership Change
- Departure of Luca de Meo – The former CEO left in June to lead fashion house Gucci.
- Union Criticism – Some groups argued that de Meo was abandoning efforts to reposition the automaker.
- Competition Surge – Renault faces intense rivalry as the sector pivots toward electric vehicles.
Appointment of François Provost
- Position – Currently in charge of procurement, Provost will assume the chief executive role.
- Experience – 57‑year‑old, 23‑years with the company, a close advisor to de Meo during the “Renaultution” plan.
- Board Comment – Chairman Jean‑Dominique Senard said Provost will lead with “discernment and determination,” demanding both rigorous execution and strategic vision.
Financial Outlook and Strategic Focus
- Operating Profit Forecast – Lowered to “around 6.5 %” from the previously expected seven percent, citing a continued retail market decline.
- Sales Growth – First‑half sales rose 2.5 % to 27.6 billion euros ($32 billion), reflecting a shift toward value creation over volume.
- Strategic Vision – Provost emphasized strong fundamentals: committed teams, an outstanding product range, robust brands, and an innovative organizational model.
Provost’s Statement on Transformation
“Renault Group benefits from strong fundamentals, with committed teams, an outstanding range of products, strong brands, and an innovative organizational model.”
“These will be invaluable assets as we accelerate our transformation in an increasingly demanding environment.”
