Renault announced on Tuesday that CFO Thierry Pieton is stepping down to pursue new opportunities, leaving the French automaker in stronger financial health than when he assumed the role two years ago. The company has appointed Duncan Minto, currently the CFO of Alpine, Renault Group’s sports car division, to succeed him starting March 1.
During his tenure, Pieton spearheaded an operational turnaround and revamped the company’s approach to financial markets, positioning Renault on firmer ground. This progress came amid challenges faced by the broader auto industry, including weak electric vehicle demand, supply chain disruptions, and declining sales in China that impacted competitors like Volkswagen and BMW.
He oversaw the development of a strategic framework for the group that included goals for carbon neutrality by 2040 and boosting the size of its electrified offerings, all of which will require robust fiscal strategies. In addition, he helped drive significant improvements in operating margins and free cash flow and executed portfolio management by completing tuck-in acquisitions, divestitures, and funding development through innovative partnerships.
Minto will lead the finance organization as it executes its plans to achieve the company’s ambitions. The executive is a seasoned leader with deep experience in healthcare and highly regulated, operationally focused manufacturing companies such as Nissan Motor Co Ltd, GE Healthcare, and PriceWaterhouseCoopers. He has extensive experience in all facets of global finance, including Treasury, Controller, Tax, Internal Audit, Investor Relations, Corporate Strategy, and Business Development.
He will also oversee a major overhaul of the company’s financial reporting structure and processes to make it more agile and able to respond quickly to market changes. His strong leadership and strategic mindset will be critical for achieving our objectives and positioning the company for continued success.
Minto, who will report to CEO Luca de Meo, said he was happy to join Renault “at this important stage in our history.” The company has been undergoing a massive transformation, separating its activities into five businesses and deepening ties with Chinese carmaker Geely. It is also preparing to spin off its electric vehicles unit through a stock market listing next year.
In addition to focusing on its EV business, Renault is expanding in its historical markets outside Europe, where it has long been a top-selling brand. Its upcoming offensive of eight new models will allow it to double its net revenue per vehicle sold in these countries by 2027. The company is already the best-selling foreign carmaker in several regions, including Brazil, Turkey, India, and South Korea. Its production plants in those areas are highly integrated with local markets. That has allowed the company to build close relationships with local dealers and create loyal customers. That has been an essential ingredient in its international success. That model may be even more critical as the world’s carmakers shift toward a greater emphasis on sustainable innovation.