PARIS (Bloomberg) -- Renault SA named Dominique Thormann to replace Chief Financial Officer Thierry Moulonguet effective July 1. Thormann, who currently heads the French carmaker's sales-financing unit, will become a member of the executive committee and report directly to CEO Carlos Ghosn, Renault said in a statement today.
Moulonguet is stepping down for personal reasons, according to a person who asked not to be identified because the matter is private. Starting next month, Moulonguet will become a director and special adviser to Ghosn, Renault said.
Thormann, 55, served for five years as senior vice president at Nissan Motor Co., Renault's 44 percent-owned Japanese affiliate, before taking over last July as head of the RCI Banque financing division.
Thormann will remain chief of RCI Banque, Renault said.
A graduate of 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, 59, attended France's elite Ecole Nationale de l'Administration and served as a high-ranking civil servant before joining Renault in 1991.
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.