Thierry Pieton Steps Down as Renault CFO
Renault's CFO, Thierry Pieton, has resigned to pursue other opportunities, leaving the company in a stronger financial position than when he joined two years ago.
Pieton's departure on February 28th will be followed by the appointment of Duncan Minto, currently the CFO of Renault Group's Alpine sports car division, effective March 1st. Minto has held various roles within the Renault Group since 1997.
Renault shares initially dropped by 2% at the news but later recovered, trading flat at 0855 GMT. Pieton's unexpected exit coincides with Renault's ongoing restructuring and strategic overhaul following significant losses in 2020.
Despite reporting sales growth in the past two years, Renault faces challenges this year due to stricter EU carbon emissions regulations. CEO Luca De Meo has warned that the regulations could cost European automakers around €15 billion ($15.56 billion).
Renault is scheduled to release its full-year earnings on February 20th.