In a surprise announcement, Renault Group CEO Luca de Meo has resigned from his position, triggering a sharp decline in the company’s stock. Renault’s shares fell 6.9% by early afternoon in Paris, while Kering’s stock surged 9.6%, following reports that de Meo will take over as CEO of the struggling luxury conglomerate.
Renault confirmed de Meo’s departure on Sunday evening, stating that he will remain in his role until July 15, 2025, while the company begins its search for a new Chief Executive Officer.
During his five-year tenure, de Meo led Renault through a post-pandemic turnaround, nearly doubling the company’s share price and restructuring its alliance with Nissan. Jean-Dominique Senard, Chairman of Renault’s Board of Directors, praised de Meo’s leadership, stating:
“Under his leadership, our company has found a healthy base, it now has a magnificent range of products and has returned to growth.”
Kering’s Struggles and Leadership Shake-Up
Kering, the parent company of Gucci and Saint Laurent, has faced years of financial difficulties, with Gucci’s sales dropping 25% in the first quarter of 2025. The company’s stock has lost nearly 80% of its value since 2021, prompting a leadership overhaul.
Although Kering has yet to confirm de Meo’s appointment, Bloomberg News reports that he is expected to take over within the next few days. François-Henri Pinault, Kering’s current CEO and President, is reportedly separating the two roles, retaining the Chairman position while appointing de Meo as CEO.
Renault’s Next CEO: Who Will Take Over?
With de Meo’s departure, speculation is mounting over Renault’s next leader. Potential candidates include Denis Le Vot, CEO of Dacia, and Maxime Picat, a director at Stellantis. Renault has yet to confirm any names.
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Renault offices in Madrid Spain by Luis García (Zaqarbal)
