Renault named its finance chief Duncan Minto as interim CEO on Tuesday, and said it will step up cost cutting measures after cutting its forecast for full year operating margins following a worse than expected performance in June.

Renault Group announces the appointment of Duncan Minto as Interim Chief Executive Officer Duncan Minto, currently Chief Financial Officer of Renault Group, will hold the position of Interim Chief Executive Officer of Renault S.

Former Renault CEO Luca de Meo stepped down from his role after his decision to switch to the fashion industry.