French carmaker Renault made its British chief financial officer Duncan Minto its interim CEO on Tuesday, July 15, as it works to find a successor to Luca de Meo, who stepped down to run the luxury group Kering. Minto, born in 1975 and educated in Scotland, has worked his entire career in Renault and was made CFO in March. He told a press conference that an appointment of a successor to de Meo "should not take very long."

He also said the company was lowering its annual forecasts this year because of a "deterioration of trends in the automobile sector." Renault was revising its operating margin to around 6.5% of turnover, down from a minimum 7.0% given previously.

Renault is partnered with struggling Japanese automaker Nissan, which it rescued in 1999. The companies did not merge but own shares in the other, in what has proved a rocky alliance. Renault early this month said it was booking a €9.5 billion ($11.2-billion) loss, while Nissan posted a net loss of $4.5 billion for the financial year to March.

De Meo moving on to Kering

De Meo, who ran Renault for the last five years, announced his departure last month, with his exit becoming effective on Tuesday. He is set to become the new chief executive of French luxury group Kering, the owner of Gucci, Yves Saint-Laurent, Balenciaga and other premium brands. De Meo is expected to take up the reins at Kering from September 15, subject to board and shareholder approval.

Kering's current chief executive is Francois-Henri Pinault, son of the group's billionaire founder Francois Pinault. Francois-Henri Pinault is shaking up Kering's management and would stay on as chairman.