Renault SA shares sank the most since 2020 after the French automaker slashed its profitability outlook and named company veteran Duncan Minto interim chief executive officer.

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.

As the French automaker Renault lowers its annual forecasts amid difficult car sector trends, it announced its British chief financial officer Duncan Minto would serve as an interim CEO after Luca de Meo left in June.