From Renault to Gucci: Luca de Meo leaves the automotive sector
The Italian executive joined the automotive group in 2020 after leaving Seat.
Renault announced this Sunday that its CEO, Luca de Meo, is stepping down from the reins of the French automotive group after five years at the helm. The resignation will be formalized on July 15, and the brand has already begun the process of selecting a successor.
Renault explained that the Italian executive's decision is to take on "new challenges outside the automotive sector," without specifying where. De Meo, who is 58 years old and joined the company from Seat (a Volkswagen group brand), had renewed his position as CEO of the diamond company in May 2024 for a second four-year term that was due to end in 2028. According to the Reuters news agency, and as previously reported by Le Figaro, De Meo will be the new CEO of Kering, the company that owns Gucci, Yves Saint-Laurent and Balenciaga.
Kering has declined to comment on the article published in Le Figaro, But if Luca de Meo's appointment is confirmed, it would represent a drastic change for the group founded and controlled by the billionaire Pinault family: he has recently failed to convince stock market investors of his plans to turn around the former Gucci brand. Indeed, speculation about the group's leadership accelerated last week when the French press reported that François-Henri Pinault would step down as CEO.
Stock markets react
The news has caused a reaction on the stock markets: Renault shares fell more than 7.4% at the opening of the Paris Stock Exchange on Monday, while Kering shares soared by 8.2%.
The newspaper Le Figaro The report indicated that Pinault had decided to reorganize the luxury group's governance and separate the roles of president and CEO, retaining only the presidency. It added that the Italian executive's selection as CEO could be made official in the coming days. This was also confirmed by sources familiar with the operation consulted by Bloomberg, according to Europa Press.
