Luca de Meo, chief executive officer of Renault SA, during a news conference in London, UK, on Monday, Feb. 6, 2023.
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Luca de Meo is leaving Renault to pursue “new challenges,” the company said on Sunday shortly after a newspaper report said he would become the new CEO of luxury group Kering.
De Meo, an Italian known for his energy, led the French carmaker for around five years, overseeing a strategic shift towards electric vehicles and an overhaul of the firm’s strategic alliance with Nissan.
“Luca de Meo has expressed his decision to step down in order to take on new challenges outside the automotive sector,” the company said in a statement.
The statement was released shortly after newspaper Le Figaro reported de Meo was planning to join struggling luxury group Kering, which owns Gucci, Yves Saint Laurent and Balenciaga among other labels, as chief executive.
Kering declined to comment. A person familiar with the thinking of Kering Chairman and CEO Francois-Henri Pinault told Reuters he was actively working on his succession, which includes splitting up the two roles to hire a new chief executive.
Pinault took over the leadership of the group founded by his father Francois Pinault which was later renamed to Kering in 2005.
Kering shares have lost over 60% of their value in the last two years, marked by a string of profit warnings and designer changes at Gucci, its most important brand by sales and profits.