PARIS (Bloomberg) -- Renault SA plans to name Dominique Thormann, head of its sales-financing unit, to replace Chief Financial Officer Thierry Moulonguet, according to a person with knowledge of the matter.
Moulonguet, 59, is stepping down for personal reasons, said the person, who asked not to be identified because the decision hasn't been announced. A separate source told Reuters that Moulonguet will leave Renault next month. Marie-Francoise Damesin, a spokeswoman at the French automaker, declined to comment.
Thormann, 55, reports to Moulonguet in his role as head of Renault's RCI Banque financing unit. Thormann started that job last July after serving five years as a senior vice president at Nissan Motor Co., the French carmaker's 44 percent-owned Japanese affiliate.
Renault rose as much as 1.02 euros, or 3.5 percent, to 30.29 euros and up 3.3 percent as of 12:18 CET. The stock has fallen 17 percent this year, valuing the company at 8.94 billion euros ($10.8 billion).
“Renault's strategy is seen as being driven by (CEO) Carlos Ghosn,” said Mike Tyndall, a London-based automotive specialist with Nomura Securities, in a phone interview. “People will see it as an opportunity to get a new perspective on the company's financial communication.”
A graduate of U.S.-based Johns Hopkins University, Thormann began his career as a credit analyst with Chase Manhattan Bank in New York and joined RCI Banque a decade later. He ran Renault's investor relations from 1994 to 1999.
Moulonguet attended France's elite Ecole Nationale de l'Administration and served as a high-ranking civil servant before joining Renault in 1991. He has been CFO since 2004.
Along with Ghosn and Patrick Pelata, who is now Renault's chief operating officer, Moulonguet was sent to Japan to steer Nissan away from looming bankruptcy after the French carmaker took its initial controlling stake in 1999.
Thormann's appointment was reported earlier Thursday by French newspaper Le Figaro.
Douglas A. Bolduc contributed to this report