Francois Michelin, head of the French tyre company which bears his family name has died age 88.

A statement called the former company chief a visionary and humanitarian who, “embodied the values of respect that are the very foundation of our Group’s identity”.

Under his leadership the company experienced unprecedented growth and he was instrumental in transforming the Michelin Group into an international company which is now the world’s second largest tyre maker.

He handed over the management reins in 1999 but was still involved until his retirement from any active involvement in 2002.