Luca de Meo, the CEO credited with transforming Renault’s fortunes over the past five years, is stepping down from the French carmaker to pursue new challenges outside the auto industry, Renault announced on Sunday. The move, which marks a significant leadership change, is set to take effect in mid-July.
In an official statement, Renault said, “Luca de Meo has expressed his decision to step down to take on new challenges outside the automotive sector.” The French government, which holds a 15% stake in Renault, has not commented publicly on the transition.
Reports from Le Figaro suggest that de Meo is poised to become the new chief executive of Kering, the luxury group behind iconic fashion labels such as Gucci, Yves Saint Laurent, and Balenciaga. The move would signal a bold pivot for both de Meo and Kering, which has faced increasing pressure from investors amid sluggish performance and mounting debt.
If confirmed, de Meo would replace François-Henri Pinault, who has served as Kering’s CEO for two decades. Although Pinault is expected to remain as chairman, sources familiar with the matter told Reuters that he has been actively planning his succession, including separating the roles of chairman and CEO.
Kering has declined to comment on the reports, but the luxury group has seen its shares tumble more than 60% over the past two years. A series of profit warnings and creative upheavals—especially at Gucci, once the company’s biggest profit engine—have shaken investor confidence.
De Meo’s pending move comes after an impactful tenure at Renault, which he joined in 2020 from Volkswagen. At the time, the carmaker was reeling from record losses triggered by the COVID-19 pandemic. Under his leadership, Renault undertook aggressive cost-cutting measures, reduced global headcount and production capacity, and emerged as a more agile and profitable company.
He also played a central role in reshaping Renault’s long-standing, yet frequently strained, alliance with Japanese partner Nissan. As part of the evolving relationship, Japanese media outlet Nikkei reported that Nissan may consider reducing its stake in Renault. Nissan later clarified that no final decision had been made and emphasized the ongoing cooperation between the two automakers.
Renault’s renewed focus on hybrid and electric vehicles, particularly within European markets, helped shield it from the trade-related disruptions faced by German automakers in the U.S. Renault also stood out as one of the few car manufacturers that avoided issuing a profit warning in the fall of 2024.
Over the past five years, Renault shares have surged approximately 90%, making it Europe’s best-performing carmaker. In contrast, Stellantis gained just 15%, while Volkswagen lost 38% of its value over the same period.
De Meo’s departure follows another high-profile exit in the European auto sector: Carlos Tavares resigned from Stellantis six months ago, highlighting the broader executive shakeups amid trade tensions and fierce competition from Chinese electric vehicle makers.
This development signals a new chapter for both Renault and Kering, as they navigate leadership transitions and rapidly evolving market challenges in their respective industries.
