Renault has appointed a temporary deputy chief executive to take over the role, following the arrest of the company’s boss, Carlos Ghosn.
The French carmaker said its chief operating officer, Thierry Bolloré, would step up to the role because Mr Ghosn was "temporarily incapacitated".
While Renault said Mr Ghosn would remain as its chairman and chief executive, Mr Bolloré will lead the firm with the same powers as Mr Ghosn.
Mr Ghosn was arrested in Japan on Monday after allegations of financial misconduct.
As well as Renault, he is also chairman of both Nissan and Mitsubishi Motors and leads an alliance of the three carmakers. Nissan and Mitsubishi are both preparing to remove him from his posts.
He allegedly under-reported his income from running Nissan by 5 billion yen (€38.9 million) over five years.
Mr Ghosn has been credited with turning around both Nissan and Renault and founding the alliance between the three carmakers. Nissan chief executive Hiroto Saikawa insisted the partnership would "not be affected by this event.”
The Financial Times also reported that Mr Ghosn was planning a merger between Renault and Nissan but that the Japanese company was opposed to a deal.