Renault board meeting Tuesday to seal De Meo's CEO nomination: report
Reuters
Published Jan 27, 2020 05:32PM ET
Renault board meeting Tuesday to seal De Meo's CEO nomination: report
PARIS (Reuters) - Renault's (PA:RENA) board is set to meet on Tuesday to approve naming Luca de Meo, formerly the head of Volkswagen's (DE:VOWG_p) Seat brand, as its next chief executive, Le Figaro newspaper reported on Monday.
Renault declined to comment. The board had not yet been called, according to a source close to the matter, who declined to be named as the timing is still confidential. But De Meo's nomination is widely expected to take place any day now.
De Meo, who stepped down from Seat earlier this month, will not take up his post at Renault until closer to July, the source added.
Italian-born De Meo had been hotly tipped for the job for several weeks but faced wrangles over his contract and a stringent noncompete clause, which had to be negotiated between Renault and Volkswagen, sources previously told Reuters.
The delay in his arrival comes at a delicate time for Renault, which is trying to reboot its alliance with Japan's Nissan Motor Co Ltd (T:7201) after the partnership's former boss, Carlos Ghosn, was arrested in Tokyo in 2018.
Ghosn, who has repeatedly denied the financial misconduct charges he was accused of, slipped out of Japan and fled to Lebanon at the end of 2019.
Renault's board ousted its former CEO and longstanding Ghosn ally Thierry Bollore last October, as part of efforts to clean the decks and reset the alliance, and the job has been occupied in the interim by financial chief Clotilde Delbos.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.