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Investing.com -- Renault SA (OTC:RNLSY) is working quickly to find a new Chief Executive Officer after Luca de Meo announced his unexpected departure. The company aims to select a replacement before de Meo leaves on July 15.
The board, led by Chairman Jean-Dominique Senard, is considering both internal and external candidates for the position. Among those being evaluated are Dacia boss Denis Le Vot and Stellantis NV (NYSE:STLA) purchasing chief Maxime Picat, according to Bloomberg, citing sources familiar with the matter who requested anonymity due to the private nature of the discussions.
De Meo’s departure comes at a challenging time for the automotive industry, which faces increasing trade tensions and strong competition from Chinese manufacturers, particularly BYD Co (SZ:002594).
Before the announcement of his exit, Renault (EPA:RENA) was focused on building on its recent successes. The carmaker has been preparing several new models and had projected a profit margin comparable to that expected from Mercedes-Benz (OTC:MBGAF) Group AG.
Despite these positive developments, de Meo leaves behind some struggling operations. The company’s electric vehicle and software unit, Ampere, has faced difficulties, and de Meo was unable to take it public as planned.
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