Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Luca de Meo to remain at Renault until July 2025; speculation mounts over transition to Kering amid fashion group’s internal restructuring
Renault Group's Chief Executive Officer Luca de Meo has announced his intention to step down from his position, triggering a sharp drop in the French automaker’s share price.
The company confirmed on Sunday that de Meo will remain in his role until 15 July 2025 while a search for his successor is underway.
Shares in Renault fell by 6.9 percent in early trading on Monday in Paris following the announcement.
Meanwhile, shares in Kering, the French luxury group that owns Gucci and Saint Laurent, rose by 9.6 percent amid reports that de Meo is expected to become its new CEO.
De Meo, an Italian executive who has led Renault since 2020, is credited with overseeing the company’s post-pandemic recovery and nearly doubling its share value during his tenure.
Under his leadership, Renault returned to profitability and introduced a revised product lineup.
Renault Chairman Jean-Dominique Senard stated that de Meo had helped reestablish stability within the group and positioned the company for renewed growth.
Reports citing unnamed sources indicate that de Meo is poised to take over as CEO of Kering in the coming days.
The 58-year-old executive would succeed François-Henri Pinault, who is expected to retain the role of company president.
Kering has not confirmed the appointment and declined to comment.
Kering has faced declining performance in recent years, with shares falling nearly 80 percent since 2021.
In the first quarter of 2024, the group reported weaker-than-expected financial results, including a 25 percent decline in sales for its flagship brand Gucci.
De Meo’s potential move to Kering aligns with reports of an internal reorganisation at the luxury conglomerate.
The group has been under pressure to address declining sales and investor concerns.
Within Renault, speculation about de Meo’s successor is already underway.
Candidates reportedly under consideration include Denis Le Vot, CEO of Renault's Dacia brand, and Maxime Picat, a senior executive at rival automaker Stellantis.
Renault has not publicly commented on the selection process or potential candidates.
The company confirmed on Sunday that de Meo will remain in his role until 15 July 2025 while a search for his successor is underway.
Shares in Renault fell by 6.9 percent in early trading on Monday in Paris following the announcement.
Meanwhile, shares in Kering, the French luxury group that owns Gucci and Saint Laurent, rose by 9.6 percent amid reports that de Meo is expected to become its new CEO.
De Meo, an Italian executive who has led Renault since 2020, is credited with overseeing the company’s post-pandemic recovery and nearly doubling its share value during his tenure.
Under his leadership, Renault returned to profitability and introduced a revised product lineup.
Renault Chairman Jean-Dominique Senard stated that de Meo had helped reestablish stability within the group and positioned the company for renewed growth.
Reports citing unnamed sources indicate that de Meo is poised to take over as CEO of Kering in the coming days.
The 58-year-old executive would succeed François-Henri Pinault, who is expected to retain the role of company president.
Kering has not confirmed the appointment and declined to comment.
Kering has faced declining performance in recent years, with shares falling nearly 80 percent since 2021.
In the first quarter of 2024, the group reported weaker-than-expected financial results, including a 25 percent decline in sales for its flagship brand Gucci.
De Meo’s potential move to Kering aligns with reports of an internal reorganisation at the luxury conglomerate.
The group has been under pressure to address declining sales and investor concerns.
Within Renault, speculation about de Meo’s successor is already underway.
Candidates reportedly under consideration include Denis Le Vot, CEO of Renault's Dacia brand, and Maxime Picat, a senior executive at rival automaker Stellantis.
Renault has not publicly commented on the selection process or potential candidates.
