Renault Chief Executive Officer (CEO) Luca de Meo (above) is leaving to pursue “new challenges”, reportedly to join luxury goods conglomerate Kering.
Renault (EPA: RNO) said de Meo had announced his decision to step down and pursue new challenges outside the automotive sector after five years at the head of the French carmaker.
French newspaper Le Figaro reported that de Meo would become the new CEO of Kering (EPA: KER), the owner of brands including struggling Italian fashion label Gucci, according to a Reuters article.
Kering declined to comment on the Le Figaro report.
Renault, a 126-year-old company 15% owned by the French state, said the Board of Directors had started the process of appointing a new CEO based on a defined succession plan.
The Board said de Meo would continue in his current role until his departure on 15 July 2025.
"Under his leadership, our company has returned to a healthy foundation, boasts an impressive range of products and has resumed growth,” the company said in a media release.
De Meo said Renault had faced immense challenges and achieved what many thought impossible with the best results in its history, a strong team, an agile organisation and a strategic plan ready for the next generation of products.
“That is why I have decided it is time for me to hand over the baton. I am leaving a transformed company, poised for the future, to apply my experience to other sectors and embark on new adventures,” de Meo said.
Known for his energy, the Italian has led a strategic shift towards electric vehicles and an overhaul of the firm's two-decade strategic alliance with Nissan (TYO: 7201).
Speculation about Kering’s leadership increased last week after French media reported Kering Chairman and CEO Francois-Henri Pinault would give up the CEO role.
Renault shares dropped € 0.71 (1.62%) on Friday to close at € 43.04, capitalising the company at € 12.85 billion (A$22.9 billion).
Kering shares fell € 2.08 (1.19%) to close at € 172.58, capitalising the company at € 21.03 billion.
