PARIS (Reuters) -Incoming Renault CEO Francois Provost will take the helm of the French automaker at a time when it is beginning to show cracks in its recent success, revising down its full year profit forecast earlier this month due to weaker sales volumes.

Renault SA picked procurement chief Francois Provost as its new chief executive officer, tapping a seasoned company insider to stabilize the French carmaker after the surprise departure of former boss Luca de Meo.

Renault appoints Francois Provost as CEO amid increasing competition and low demand. Provost, known for his strategic implementations, aims to modernize Renault’s vehicle range and strengthen partnerships.