Renault Group is strengthening its executive team at a critical time for Europe's auto industry, confirming that Carine Damois will take over as chief financial officer next month, according to a report by Gasgoo citing Bloomberg. Damois, currently deputy CFO at Michelin, succeeds Duncan Minto, who has held the role since March last year and will leave on November 13 to pursue a new challenge outside Renault.
A wave of management changes
Minto's departure marks the latest in a series of high-profile exits at Renault. Earlier, star designer Gilles Vidal and marketing chief Arnaud Belloni were poached by rival Stellantis. The CFO transition follows the unexpected resignation of CEO Luca de Meo, who left to lead luxury group Kering. During the interim period, Minto and chairman Jean-Dominique Senard were credited with steadying the company.
Renault CEO François Provost, who took office over a year ago, led the search that selected Damois after several months of deliberation. The company confirmed the appointment on October 5, responding to earlier reports from Bloomberg.
Struggling against Chinese competition
Renault's share price has fallen 29% this year, reflecting the broader challenges facing European automakers as they balance cost control with competition from more affordable Chinese electric vehicle makers. Provost noted that the French government holds a 15% stake in Renault and said the company plans to continue investing in domestic EV production in the coming years, provided it receives policy and social support.
The appointment of a new CFO is seen as a strategic move to navigate these pressures. Damois brings financial expertise from Michelin, a global tire giant, though she will face the immediate task of stabilizing Renault's finances amid a turbulent market.
