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Renault appoints VW executive as new CEO

Renault appoints VW executive as new CEO

Mubasher: French Automaker Renault on Tuesday named former Volkswagen executive Luca de Meo as new CEO, according to the New York Times.

De Meo replaces Thierry Bolloré, who was pushed out in October by Renault’s chairman Jean-Dominique Senard.

One of the new CEO’s key tasks will be to save the alliance between Renault and Japanese automakers Nissan and Mitsubishi.

De Meo was head of Volkswagen’s (VW) unit, Spanish brand Seat, which reported its highest annual sales ever in 2019.

It is worth highlighting that Renault reported a sharp year-on-year drop in its net income in the first half of 2019, with lower sales and a fall in the payout from its partner Nissan.

The French car company generated EUR 970 million ($1.08 billion) in the period between January and June, 50.3% lower than EUR 1.95 billion in the same period of the preceding year, resulting in EUR 3.57 in earnings per share.