Renault announced on Sunday that its Chief Executive Officer, Luca de Meo, will step down in mid-July to pursue a role outside the automotive industry.
“Luca de Meo has expressed his decision to step down to take on new challenges beyond the auto sector,” the French carmaker said in a statement. The French state currently holds a 15% stake in Renault.
De Meo’s departure comes amid reports from Le Figaro that he is set to become the new CEO of Kering, the luxury conglomerate behind brands like Gucci, Yves Saint Laurent, and Balenciaga. If confirmed, he would succeed François-Henri Pinault, who has led the group for 20 years. Pinault would remain as chairman.
Kering has not commented on the report, but speculation about leadership changes intensified last week, with reports suggesting Pinault was actively preparing to hand over the CEO reins and split the chairman-CEO roles.
De Meo’s exit marks a major shift for both industries. At Renault, he is credited with turning around the company since joining in 2020 from Volkswagen, during a period of record losses. He implemented deep cost cuts, reduced global headcount and production capacity, and streamlined operations. He also reshaped Renault’s often-strained alliance with Nissan and focused heavily on hybrid and electric vehicle development.
Renault shares have risen about 90% over the past five years, making it Europe’s best-performing carmaker, compared to a 15% rise for Stellantis and a 38% drop for Volkswagen.
De Meo’s move would also mark the second high-profile leadership exit in Europe’s automotive sector within six months, following Carlos Tavares’ resignation from Stellantis.
Meanwhile, Kering has been under pressure from investors after a steep decline in Gucci’s performance, multiple creative leadership changes, and falling profits. The group’s shares have lost more than 60% in value over the last two years.
Separately, Japan’s Nikkei reported that Nissan may consider reducing its stake in Renault. However, Nissan stated there had been “no change in the longstanding cooperative relationship” and that no final decision had been made.
Despite global uncertainty and rising competition from Chinese automakers, Renault has remained relatively insulated due to its European market focus and was among the few major carmakers not to issue a profit warning last fall.
