Renault to finalise shortlist for chief executive role
Seat boss de Meo frontrunner as French carmaker narrows hunt to replace ousted Bolloré
Renault is set to finalise a shortlist of candidates for its new chief executive in the coming days with Seat boss Luca de Meo the frontrunner for the job after the French carmaker ousted its former head last month.
Renault has narrowed its hunt to replace Thierry Bolloré to a handful of candidates, according to people familiar with the matter.
Former Airbus executive Fabrice Brégier, chief executive of auto parts maker Faurecia Patrick Koller and Renault’s interim boss Clotilde Delbos are also in the running.
However, interviews for the job are yet to close, warn the same people. A final decision is not expected before Christmas.
“If we select someone by the end of the year, all the better. If not, it’s also not bad — actually it shows we're being prudent,” Renault chairman Jean-Dominique Senard told German newspaper Süddeutsche Zeitung in an interview over the weekend.
French finance minister Bruno Le Maire told the country’s television station BFM on Sunday that he wanted the new boss to be an “auto industry professional”. The French state is Renault’s largest shareholder with a holding of just over 15 per cent.
Mr de Meo, a seasoned auto executive who has overseen the revival of the VW-owned Seat nameplate, declined to comment.
He has raised Seat’s profitability by pushing into sport utility vehicles and taking the brand into China.
A former manager of the Fiat brand, he speaks five languages including French.
The appointment of a new chief would cap a tumultuous year for Renault.
Carlos Ghosn, its former boss, was arrested on charges of financial misconduct in November 2018, rocking its already fraught relationship with longtime alliance partner Nissan.
A merger bid for Italian-American carmaker Fiat-Chrysler Automobiles followed in May, which was scuppered after the French state said it needed more time to assure itself that Nissan was happy with the plan, leading to FCA walking away from the deal.
FCA is now in discussions to merge with Renault’s French rival, PSA, owner of Peugeot.
In October, Renault’s board voted to remove Mr Bolloré “with immediate effect” as it looked to cut another link to its former boss Mr Ghosn and ease tensions with Nissan. Ms Delbos then took over as interim chief.
According to people familiar with the matter, Mr Bolloré’s relationship with Nissan had been poor while his relationship with Mr Senard had deteriorated over the preceding months.
Mr Senard, a former Michelin executive, was parachuted in to steady Renault and its alliance with Nissan after the arrest of Mr Ghosn.
Mr Senard had asked Mr Bolloré to resign more than once before the board moved to oust him, say people close to the company.
Just one week after Mr Bolloré’s departure, Renault issued a profit warning — blaming tough market conditions, delays to key vehicle launches and its own inability to cut research costs, which sent shares tumbling. Shares are down some 19 per cent so far this year.