Renault plans to swap out its finance chief next month, tapping Carine Damois to step into the role as the company shores up its leadership at a sensitive moment for Europe's auto makers. The company confirmed the move on Monday, noting it matches a prior Bloomberg report. Damois currently serves as deputy CFO at French tire group Michelin.
Duncan Minto, who took over as CFO in March last year, will exit on Nov. 13. In a LinkedIn response to a Bloomberg query, he said he is leaving for a "new and exciting challenge" outside Renault. CEO Francois Provost, who assumed the top job over a year ago, chose Damois after a search that ran for months.
A finance chief change often signals a shift in where a carmaker puts its money. Market Briefs covers the auto industry free every morning.
Damois's arrival continues a series of leadership changes following de Meo's departure. The broader backdrop has been tough: Renault shares have slid 29% this year as European brands work to keep costs in check and fend off Chinese rivals selling cheaper cars.
Renault is 15% owned by the French state, and Provost said Saturday the company aims to keep investing in France's electric vehicle ecosystem in the years ahead if political and social support is there. For everyday investors, the takeaway is simple: leadership moves are coming as the company navigates cost pressure and fierce competition, and the stock has been feeling it this year.
Leadership moves tend to precede strategy moves by a quarter or two. Get the free Market Briefs daily newsletter and watch the turn.
