Luca de Meo to Lead Kering as CEO

Luca de Meo has announced his resignation as CEO of Renault, effective July 15, following a successful five-year tenure marked by record profits and a major turnaround of the French carmaker. His departure surprised Renault’s board and caused the company’s shares to fall by up to 8%, while Kering’s shares surged by nearly 10% on news of his expected appointment as CEO. De Meo is credited with reviving Renault through strategic cost-cutting, a renewed focus on electric vehicles, and strengthening its alliance with Nissan. He is set to replace François-Henri Pinault as CEO of Kering, while Pinault is expected to remain as chairman as part of a governance overhaul splitting the roles. Kering, which owns Gucci and Saint Laurent, has struggled with declining market value and profitability, especially at Gucci, and investors hope de Meo can drive a turnaround. De Meo stated he believes his work at Renault is complete and is ready to take on new challenges outside the automotive sector.