Renault CEO Luca de Meo to Join Gucci Owner Kering

Luca de Meo's Departure from Renault

• 🚗 Luca de Meo is exiting his role as CEO of Renault, with his departure confirmed by the company for mid-July.
• 💡 He is credited with a significant turnaround of the French carmaker since joining in 2020, a year that saw record losses for Renault.

De Meo's Impact at Renault

• 📉 His tenure involved cutting jobs, costs, and production capacity, making the company more agile.
• 📈 Under his leadership, Renault launched successful new models, including a revamped Model 5 hatchback, and its shares have risen approximately 90%.
• 🌍 The company's focus on the European market has provided insulation from global tariffs.

Potential Move to Kering

• 👜 Reports from Le Figaro suggest De Meo is set to become the new CEO of luxury group Kering, the owner of Gucci and other brands.
• 👨‍💼 He would reportedly succeed Francois Henri Pinault, whose family controls Kering.
• ⚠️ This move comes as Kering faces pressure to turn around its performance, dealing with high debts and declining sales.

Renault-Nissan Relationship Reshaped

• 🤝 De Meo also oversaw a restructuring of the relationship between Renault and Nissan.
• 💰 The Japanese firm plans to reduce its stake in Renault, raising over $600 million to invest in new vehicle development.