Renault Appoints François Provost as New CEO Following Luca de Meo's Departure

According to Bloomberg, French automaker Renault has appointed procurement director François Provost as its new CEO. This decision comes after the unexpected departure of former CEO Luca de Meo, with Renault choosing an experienced internal candidate to stabilize the company. The 57-year-old Provost will officially take over on July 31, 2025, succeeding interim CEO Duncan Minto for a four-year term. This announcement confirms earlier reports by Bloomberg. Sources indicate that Provost defeated candidates including Dacia brand head Denis Le Vot and former Stellantis executive Maxime Picat. Under the leadership of Chairman Jean-Dominique Senard, the Renault Group board opted for an internal management figure to maintain continuity during turbulent times. Renault is currently facing numerous challenges, including weak demand in the European market, escalating trade tensions, and the expansion of Chinese automakers like BYD. Earlier this month, the company lowered its profit expectations due to increased competition and a sluggish van market. Renault Group is set to release more detailed financial performance information for the first half of the year on July 31. In June, Luca de Meo announced his departure to become CEO of Kering Group, a move that shocked investors. Sources reveal that Provost, who has been with Renault for over 20 years, will evaluate relevant strategies to advance the company transformation plan proposed to the board shortly before de Meo's departure. During his five-year tenure, de Meo implemented significant reforms at Renault, helping the company return to profitability and establishing multiple new partnerships, including collaborations with Qualcomm and Google. He was credited with rescuing Renault from the brink after relying on government-supported loans to survive the COVID-19 pandemic and being forced to write off billions of euros in its Russian business. Provost will focus on building on recent successes, including the update of the vehicle lineup. The Renault Group is launching new models such as the Renault R4 and Alpine A390, with plans to introduce an electric version of the Twingo priced below €20,000 (approximately $22,948) by 2026. However, he will also take over some struggling businesses, including the electric vehicle and software division Ampere, which de Meo had failed to push for an IPO. After a more than 25% increase in 2024, Renault's stock has fallen nearly 30% this year. Provost also needs to complete the restructuring of Renault's alliance with its Japanese partner Nissan and clarify Renault's positioning in China. Previously, de Meo had established an engineering team in China and was optimistic about forming a partnership with Zhejiang Geely Holding Group. Nissan and the French government each hold about 15% of Renault, while Renault holds nearly 36% of Nissan.