Renault set to name Michelin executive Carine Damois as new CFO - Bloomberg

Renault SA is set to appoint Michelin's deputy chief financial officer, Carine Damois, as their new chief financial officer, according to Bloomberg. Damois will replace Duncan Minto, who stepped down from his top finance role last March after overseeing the position since March of the previous year. The selection comes after a prolonged executive search spearheaded by CEO François Provost, who assumed leadership of the French automaker over a year ago.

The new CFO will take charge at a crucial time for European automakers, who are grappling with mounting competition and evolving electric vehicle demand across the region. Minto, a long-time Renault employee, was commended for stabilizing the group alongside Chairman Jean-Dominique Senard following the unexpected departure of former CEO Luca de Meo last year.

His exit signals yet another high-ranking management change at the company in recent months, reflecting the intense talent competition within the European automotive industry.

Renault has previously lost key executives to rival Stellantis NV, such as former lead designer Gilles Vidal and marketing head Arnaud Belloni. Investors will be closely monitoring Damois' ability to utilize her background in tier-one supplier Michelin to effectively manage capital allocation and cost structure amidst a challenging macroeconomic environment. Her appointment underscores the company's dedication to sustaining financial stability in the face of uncertainty.