Luca de Meo leaves Renault to pursue "new challenges"

Luca de Meo is leaving the management of the French manufacturer Renault, which he joined in 2020 after leaving the Spanish company Seat, to pursue "new challenges" outside the automotive sector, and everything points to a move to the luxury world. During his five years at the helm, the Italian executive, who was rumored to replace his former counterpart at Stellantis, Carlos Tavares, has stood out for leading a strategic shift toward electric vehicles and a restructuring of the firm's strategic alliance with Nissan .

“I have decided that the time has come to hand over the reins. I am leaving a transformed company, prepared for the future, to apply my experience to other sectors and embark on new adventures,” said Luca de Meo, according to a statement released by the company. “There comes a time in life when you know the job is done. At Groupe Renault, we have faced immense challenges in less than five years . We have achieved what many thought impossible. Today, the results speak for themselves: they are the best in our history. We have a strong team and an agile organization. We also have a strategic plan ready for the next generation of products,” said the current CEO, whose resignation will take effect on July 15.

The Board of Directors, convened by Chairman Jean-Dominique Senard , has launched the process of appointing a replacement, based on the previously defined succession plan . He also expressed his gratitude to Luca de Meo for the "turnaround and transformation" he has implemented in the automotive group. "For five years, Luca de Meo has worked to restore the Renault Group to its rightful place. Under his leadership, our company has regained sound foundations, boasts an impressive product range, and has resumed its growth," Senard emphasized.

The announcement came Sunday afternoon after Italian newspaper Le Figaro reported that De Meo was planning to join luxury group Kering, which owns Gucci, Yves Saint Laurent, and Balenciaga , among other brands, as chief executive. The firm declined to comment immediately, but according to Reuters, a person close to Chairman and CEO Francois-Henri Pinault said he was actively working on his succession, which includes splitting 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 Kering in 2005. The company's shares have lost more than 60% of their value in the past two years, marked by a series of profit warnings and designer changes at Gucci, its largest brand by sales and profits.