Renault Romania Chief To Become AvtoVAZ CEO, Report Says

8 years, 7 months ago - 16 March 2016, Automotive News
Renault Romania Chief To Become AvtoVAZ CEO, Report Says
Nicolas Maure, the head of Renault's Romanian subsidiary Dacia, will replace Bo Andersson as CEO of Russia's largest automaker AvtoVAZ, a source close to AvtoVAZ shareholders told Reuters.

Maure's candidature was proposed by the Renault-Nissan Alliance, which owns AvtoVAZ jointly with Russian state-held firm Rostec, the business daily Vedomosti said today, quoting sources.

Under Andersson, AvtoVAZ, which builds Lada cars, introduced a line of new models with improved quality and substantially cut the automaker's personnel.

But, hit by a sharp devaluation of the ruble, AvtoVAZ widened its net loss by three times to 74 billion rubles ($1.05 billion) last year amid a shrinking car market in Russia.

Renault-Nissan own a combined 67 percent of the holding company that controls AvtoVAZ, while Rostec owns the remaining 33 percent.

Support Ukraine