Incoming Renault CEO flags turnaround challenge

PARIS (Reuters) – Renault’s incoming Chief Executive Luca de Meo said on Friday he was conscious the French carmaker faced many problems, but added he was confident the group could end up becoming a positive turnaround story.

De Meo, addressing investors at the firm’s annual shareholder meeting before taking up his new job on July 1, said he shared a “sense of urgency” with teams at Renault to deliver on its new strategy and restructuring.

“I’m very conscious of the company’s difficulties,” said De Meo, a former Volkswagen executive, adding he had been keen to join the company for the challenge.

(Reporting by Gilles Guillaume and Sarah White; Editing by Mathieu Rosemain)