Renault CFO Departs, Leaving Company in Stronger Financial Position
French automaker Renault announced on Tuesday that its Chief Financial Officer, Thierry Pieton, will be stepping down to pursue new opportunities. Pieton’s departure, effective February 28, marks the end of a two-year tenure during which he significantly improved the company’s financial health.
A New Era Begins
Pieton will be succeeded by Duncan Minto, currently the CFO of Renault Group’s sports car producer, Alpine. Minto, a Renault veteran with over 25 years of experience, will take the reins on March 1. His extensive background within the group, including his current role at Alpine, makes him an ideal candidate to lead Renault’s financial strategy.
Renault’s Resurgence
The surprise departure of Pieton comes as Renault completes its restructuring and strategic overhaul, following a record loss in 2020. The company has reported sales growth over the past two years, outperforming its larger European rival, Volkswagen, in 2024. Despite this success, Renault faces a challenging market in 2023, with stricter carbon emissions rules in the European Union, its largest market.
Challenges Ahead
Renault CEO Luca De Meo warned last year that these new regulations could cost European car producers a staggering 15 billion euros. As the company prepares to report its full-year earnings on February 20, all eyes will be on Minto to navigate these challenges and build on the progress made under Pieton’s leadership.
Market Reaction
Renault shares initially dipped by almost 2% following the announcement but quickly rebounded, trading flat by 0855 GMT. As the company looks to the future, investors will be closely watching Minto’s strategy to drive growth and profitability in a rapidly changing industry.
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