Renault SA has begun the formal process of selecting a new chief executive, the French carmaker said, adding that the search will follow a previously defined succession plan. The statement did not clarify whether incumbent CEO Luca de Meo intends to step down or specify a timetable for an appointment. Separately, long-time alliance partner Nissan Motor Co. plans to cut its holding in Renault from 15% to the recently agreed floor of 10%, Chief Executive Officer Ivan Espinosa told the Nikkei newspaper. A disposal of roughly 5% of Renault shares would raise about ¥100 billion (approximately US$640 million), funds that Nissan says will be redirected to new vehicle development. Espinosa denied that the planned share sale signals a deterioration in relations with Renault or Mitsubishi Motors, describing the move as a routine adjustment following the overhaul of the cross-shareholding structure earlier this year.