French carmaker Renault on Tuesday made its British chief financial officer Duncan Minto its interim CEO as it works to find a successor to Luca de Meo, who stepped down to run luxury group Kering. He is to become the new chief executive of French luxury group Kering,

As the French automaker Renault lowers its annual forecasts amid difficult car sector trends, it announced its British chief financial officer Duncan Minto would serve as an interim CEO after Luca de Meo left in June.

Renault named finance chief Duncan Minto as interim CEO on Tuesday, and said it will step up cost cutting measures after lowering its forecast for full year operating margins.