Renault Appoints Michelin Executive Damois as Carmaker’s CFO

Renault SA will replace its chief financial officer with Carine Damois to bolster its leadership at a critical time for Europe’s automotive industry.

Damois, deputy CFO at French tiremaker Michelin, will next month replace current Renault CFO Duncan Minto who is leaving the company, the French carmaker said Monday, confirming an earlier Bloomberg News report.

Minto, who has been in the role since March last year, will depart on Nov. 13 for a “new and exciting challenge” away from Renault, he said in a LinkedIn message in response to a Bloomberg inquiry.

Chief Executive Officer Francois Provost, who took the helm over a year ago, picked Damois after a months-long search. Renault-veteran Minto is credited with steadying the group alongside Chairman Jean-Dominique Senard in the weeks that followed last year’s surprise departure of former CEO Luca de Meo, who left to lead luxury group Kering SA.

The appointment marks the latest management shakeup at Renault since de Meo’s departure, which included the exit of award-winning car designer Gilles Vidal and marketing chief Arnaud Belloni, both of whom were poached by rival Peugeot maker Stellantis NV.

Shares of Renault are down 29% this year, reflecting the industry’s struggle to keep costs low and compete against Chinese manufacturers with more affordable models.

The carmaker, 15%-owned by the French state, plans to keep on investing in France’s electric-vehicle industry in the coming years, if the political and social will supports it, Provost said on Saturday.