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Investing.com -- Renault (ENXTPA:EPA:RENA) announced the resignation of its CEO, Luca de Meo, effective July 15th, adding leadership uncertainty as the automaker prepares to complete its "Renaulution" restructuring plan.
The departure represents another significant leadership loss for the French automaker, which had already seen its highly respected CFO, Thierry Pieton, leave the company months earlier. Both executives are departing "for positive explainable reasons," according to Citi.
The CEO resignation comes at a challenging time as Renault prepares to transition from its restructuring phase to a new "growth" plan. Despite the leadership changes, the company currently enjoys record EBIT margin profitability and strong free cash flow.
Citi maintained its Buy rating on Renault stock, noting the company has "a very strong model line-up and pipeline" with "limited risks from China and tariffs." The investment firm believes Renault earnings can remain "stronger for longer."
The automaker’s shares are trading near year-lows as the leadership changes create uncertainty that will "inevitably make investors think twice," according to Citi’s analysis.
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