Luca’s departure from Meo from Renault’s executive president began a search for his successor, with analysts mentioning the current executive vice president Denis Le Vot and Maxime Picat, executive of rival Stellantis, as possible candidates to continue the recovery of the French automaker.
Renault’s shares fell up to 8% on Monday, the largest percentage drop in one day since February 2022, reflecting the concern among investors with the company’s future without Meo in charge. Kering’s actions, where he will become executive president, have recovered.
Picat, who is Global Purchase Chief and Stellantis Supply Chains, was running for the position of CEO of the fourth largest automaker in the world. He was one of two internal candidates, but lost to Antonio Filosa.
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Another potential candidate, Executive Vice President Le Vot, joined Renault after finishing the university and runs the Dacia brand since May 2022.
Analysts from French broker Kepler Cheuvreux said the two candidates could be successors, while JP Morgan analyst Jose Asumendi observed the “strong base” of Renault brand managers, including Dacia.
“We (…) we also glimpse possible external candidates (from other companies), such as Stellantis, VW Group, Nissan, among other competitors,” said Asumendi.
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Le Vot and Picat, both of French nationality, did not immediately respond to requests for comments. Renault declined to comment on its succession plans.
