Luca de Meo is leaving Renault to pursue “new challenges”, the corporate mentioned on Sunday shortly after a newspaper report mentioned he would develop into the brand new CEO of luxurious group Kering.
De Meo, an Italian identified for his power, led the French carmaker for round 5 years, overseeing a strategic shift in direction of electrical automobiles and an overhaul of the agency’s strategic alliance with Nissan.
“Luca de Meo has expressed his choice to step down so as to tackle new challenges outdoors the automotive sector,” the corporate mentioned in an announcement.
The assertion was launched shortly after newspaper Le Figaro reported de Meo was planning to hitch struggling luxurious group Kering, which owns Gucci, Yves Saint Laurent and Balenciaga amongst different labels, as chief govt.
Kering declined to remark. An individual aware of the pondering of Kering Chairman and CEO François-Henri Pinault informed Reuters he was actively engaged on his succession, which incorporates splitting up the 2 roles to rent a brand new chief govt.
Pinault took over the management of the group based by his father Francois Pinault which was later renamed to Kering in 2005.
Kering shares have misplaced over 60 % of their worth within the final two years, marked by a string of revenue warnings and designer adjustments at Gucci, its most necessary model by gross sales and income.
By Tassilo Hummel; Editor: Peter Graff
Study extra:
Kering’s Woes Deepen as Gucci Gross sales Tumble 25%
Group revenues fell 14 % within the first quarter as Saint Laurent and Balenciaga additionally suffered from the downturn in luxurious demand.
