Renault's chief executive, De Meo, departs from the French automaker.
Headline:Luca de Meo Takes the Helm at Kering, Ditching the Auto Industry After a Decade
Article:
After a long, illustrious career spanning over three decades in the automotive sector, Luca de Meo, the charismatic Italian manager who breathed fresh life into the ailing Renault, has decided to pack his bag and venture into uncharted waters. De Meo announced his departure from the French automaker on the weekend, setting the stage for a brand new adventure - as the new CEO of luxury fashion conglomerate Kering. The shift is scheduled for mid-September 2025. Renault's stock dipped sharply on Monday, but Kering's shares saw a significant surge.
De Meo, a seasoned industry veteran, began his career at Renault, then moved to Toyota Europe and Fiat Group. In 2009, he joined the Volkswagen Group as marketing director, later becoming an Audi board member and Seat CEO. Since July 2020, Luca de Meo held the CEO and Chairman positions at Renault SA and Renault s.a.s. His tenure at Renault was marked by impressive accomplishments, including two consecutive European "Car of the Year" awards.
The news of De Meo's departure comes as a slight surprise, given his notable success and the looming challenges in the industry. His departure leaves a leadership void at Renault just as the company is gearing up to shape its future. Renault is now embarking on a hunt for a new CEO, potentially as part of an internal succession plan.
In an intriguing twist, De Meo is set to succeed François-Henri Pinault at Kering. Pinault, who previously held dual roles as chairman and CEO, has decided to separate the positions, with Pinault remaining as chairman and De Meo claiming the CEO role. Kering's brand portfolio includes luxury powerhouses such as Gucci, Yves Saint Laurent, Balenciaga, and Bottega Veneta.
Kering's shares jumped nearly seven percent at the start of the week in Paris, signaling a positive response to De Meo's appointment. Piral Dadhania, an analyst at RBC Capital Markets, views this move as a potential game-changer for Kering, given De Meo's proven track record of transforming struggling multinational companies. Kering has been grappling with business stabilization and internal management issues in recent years.
De Meo's departure from Renault is a testament to his versatility and adaptability. He's not just a dynamic leader in the automotive sector - he's a symbol of resilience and innovation, ready to conquer new horizons. As he embarks on this new journey, the auto industry bids him farewell with a mix of admiration and anticipation, eager to see how he will transform the fashion industry just as he did Renault.
In his new role at Kering, Luca de Meo, formerly of the automotive industry, will navigate the realm of luxury fashion and finance. His departure from Renault marks a significant shift, as he brings his business acumen and innovative approach to a new challenge.
