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.

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.

Renault SA lowered its profitability outlook for the year and named its finance chief Duncan Minto its interim chief executive officer to continue the French automaker’s turnaround.