Renault has named Clotilde Delbos, the french automaker's current chief financial officer, as its CEO for an interim period.
Delbos will replace Thierry Bollore who was ousted by the board in a vote on Friday morning with immediate effect. The board also appointed Jean-Dominique Senard as the interim president of Renault.
Shares of Renault were trading more than 3.3% higher on Friday morning but remain lower by around 4% year-to-date.
"The board of directors decided to end the mandate of Mr. Thierry Bollore as Chief Executive Officer of Renault ... with immediate effect," the firm said in a statement.
Renault, along with partner Nissan, moved into the spotlight after the arrest of its former boss Carlos Ghosn in Tokyo last November on allegations of financial misconduct — a charge that Ghosn has denied. It transpired that Nissan executives had been helping Japanese prosecutors with evidence.
Following the scandal, Bollore stepped into the role of CEO at Renault, telling CNBC in March that there was no "question mark" hanging over his firm's alliance with Japanese firms Nissan and Mitsubishi.
However, Bollore has been viewed by some as a Ghosn ally and Japanese executives at Nissan have been reportedly unhappy with his appointment at the top of Renault.
In the cross-ownership partnership, Nissan holds a 15% stake in the French carmaker while Renault has a 43 % chunk of its Japanese partner.