Renault's Procurement Director Francois Provost Emerges as Top CEO Candidate

According to informed sources, Francois Provost, Renault's procurement director, has become a leading candidate for the CEO position at the French automaker. The 57-year-old Provost has been with Renault for over 20 years, having joined the company in 2002 after serving in the French government. He has gradually risen through the ranks during the tenures of previous CEOs, working in Renault's operations in Portugal, Russia, and China. He also assisted former CEO Luca de Meo in forging multiple partnerships, including with Geely, and was involved in negotiations to exit the Russian market following the escalation of the Russia-Ukraine conflict, making him a key ally of de Meo. Currently, Provost is favored by senior management and is seen as the most likely candidate to drive Renault's next phase of transformation. However, the situation remains fluid, and another contender for the CEO role is Denis Le Vot, head of the Dacia brand. Sources indicate that Renault may announce a new CEO as early as this week. Although no final decision has been made, the Renault board is scheduled to meet on July 30 to review the company's performance for the first half of the year and discuss the CEO appointment. Renault's spokesperson did not comment on the reports. Following the news, Renault's stock rose 1.9% on the Paris stock exchange, although the share price has still fallen by 27% year-to-date. The Renault Group is currently facing multiple challenges, including sluggish demand in the European auto market, heightened trade tensions, and the ongoing expansion of Chinese automakers led by BYD. Earlier this month, Renault lowered its full-year profit forecast due to intensified competition and a weak commercial vehicle market, with half-year financial results set to be released on July 31. In June, 58-year-old de Meo announced his resignation as CEO of Renault Group to take on the role of CEO at Kering, the parent company of Gucci, a decision that surprised investors. At the beginning of this month, under the leadership of Chairman Jean-Dominique Senard, the Renault board appointed CFO Duncan Minto as interim CEO. The new CEO will take over several struggling businesses, including the electric vehicle and software subsidiary Ampere, which de Meo was unable to take public. Additionally, the new CEO will need to determine the future of Renault's alliance with Japanese partner Nissan and its strategic positioning in China. De Meo previously established an engineering technology team in China and was optimistic about collaboration with Zhejiang Geely Group.