Renault CEO Luca de Meo to leave company after five years at the helm

Luca de Meo, CEO of French carmaker Renault, will leave the group, the company announced on Sunday, confirming a report in the newspaper Le Figaro . He will "take on new challenges outside the automotive sector," Renault said.

"After five years at the helm of Renault Group, Luca de Meo has announced his decision to step down," the group wrote in a statement , specifying that his departure will be "effective July 15."

According to Le Figaro, the 58-year-old executive will take over as CEO of the luxury group Kering, whose majority shareholder, François-Henri Pinault, has decided to reshuffle the management and retain only the chairmanship. When contacted by AFP, the luxury group indicated it would not comment on this information.

"For five years, Luca de Meo has worked to put Renault Group back where it belongs. Under his leadership, our company has found a healthy base, it now has a magnificent product range and has returned to growth," said Jean-Dominique Senard, Chairman of the Board of Directors of Renault, quoted in the group's press release.

Luca de Meo began his career at Renault. He then moved to the management of Fiat, where he successfully relaunched the small 500, before revitalizing Seat for the Volkswagen Group.

An excellent communicator and marketing pro, this French-speaking Italian took over as CEO of a company traumatized by more than a year of crisis, in the wake of the Carlos Ghosn affair , with falling sales and disheartened executives leaving.

He accelerated Renault's electrification and its move upmarket in an attempt to get the manufacturer out of the rut.