Renault races to replace CEO

Renault SA is under growing pressure to swiftly appoint a successor to Chief Executive Officer Luca de Meo, following the unexpected announcement of his planned departure. The move comes at a challenging time for the auto industry, which is grappling with escalating trade tensions and fierce competition from Chinese manufacturers, led by BYD Co.

Chairman Jean-Dominique Senard and the board are considering both internal and external candidates, including Dacia CEO Denis Le Vot and Stellantis NV’s head of purchasing, Maxime Picat, according to people familiar with the discussions. Renault is aiming to name a new CEO before De Meo officially steps down on July 15, said the sources, who requested anonymity due to the confidential nature of the talks.

The company had been looking to build on its recent momentum, with several new model launches planned and financial targets aimed at rivaling Mercedes-Benz Group AG’s anticipated profit margins. However, De Meo leaves behind unresolved challenges, particularly in the EV and software unit Ampere, which he was unable to take public.

De Meo is the third senior executive to exit Renault in recent months. Former CFO Thierry Piéton left for a role at medical device maker Medtronic Plc in March, and engineering chief Gilles Le Borgne retired last year. Renault’s Japanese partner Nissan Motor Co. and rival Stellantis have also recently replaced their CEOs.