Renault, gearing up for a strategy presentation on 9 Feb, reportedly announced on Friday it was creating five regional management teams, putting members of its executive team in charge of a part of the world each.

According to Reuters, Renault said the regional management committees would be charged with assuring the performance of the group in all the markets it is based in "serving the profitable growth objective of the group."

The news agency noted that the move reflects the group's strategy to seek growth beyond its French and European main markets which are mature and characterised by fierce price competition.

Reuters said Michel Gornet, head of manufacturing, will be in charge of France while marketing and sales head Patrick Blain will be in charge of Europe outside France. Luc-Alexandre Menard, head of product and strategy planning and the boss at Romanian subsidiary Dacia, will be in charge of the Euromed region. Patrick Pelata will head Asia and Africa while finance director Thierry Molonguet will head the Americas.

Renault reportedly added that the head of the Renault Samsung Motors car venture in South Korea, Jerome Stoll, would become managing director of the Mercosur area in South America and be replaced at RSM by Jean-Marie Hurtiger.

Reuters said Euromed includes eastern Europe, Russia/CIS, Turkey, North Africa and Israel.