PARIS — French auto provider Valeo mentioned on Wednesday it had appointed deputy CEO Christophe Périllat as its new chief govt, confirming beforehand introduced plans, as the corporate posted preliminary 2021 outcomes together with disappointing cashflow numbers.

Valeo mentioned outgoing CEO Jacques Aschenbroich, who grew to become CEO in 2009, will proceed to behave as chairman of the board.

The corporate has been aggressively increasing its automotive driving assitance know-how choices together with its traitional powertrain and thermal merchandise companies. Valeo showcased a number of new applied sciences at CES earlier this month in Las Vegas.

Périllat accepted the appointment, touting the corporate’s technological skills with this video message, posted on YouTube:

In the meantime, the group on Wednesday mentioned its preliminarily full-year gross sales rose to 17.3 billion euros ($19.52 billion), barely above its steering vary of 16.9 billion-17.2 billion euros.

Free cashflow, nonetheless, got here in decrease than anticipated, the corporate mentioned, blaming the worldwide scarcity in semiconductor provides that pressured it to shore up its shares.

Valeo reported a full-year free money move of 290 million euros versus its steering vary of 330 million-550 million euros.

Périllat mentioned in assertion that “the stock enhance carried out to guard our clients might be regularly reversed in 2022, as provide situations enhance.”

Full-year figures are due on Feb. 25, the corporate mentioned.

Valeo ranks No.10 on the Automotive Information record of prime 100 international suppliers, with automotive gross sales of $16.94 billion in 2020. It’s the fifth-largest Europe-based provider.