Renault CEO steps down
Agencies
The head of French carmarker Renault, Luca de Meo, is to quit 'to take on new challenges outside the automobile sector', the company said on Sunday.
'After five years leading Renault Group, Luca de Meo has announced his decision to leave his position,' said a company statement, adding that his departure would take effect on July 15.
According to Le Figaro newspaper, de Meo will become the new chief executive of French luxury group Kering, owner of Gucci, Yves Saint-Laurent, Balenciaga and other premium brands.
Kering's current chief executive is Francois-Henri Pinault, son of the group's billionaire founder Francois Pinault. Francois-Henri Pinault has announced a management shake-up that would see him stay on as chairman of the group.
Kering has been struggled to turn things around at Gucci, its flagship brand, which accounts for half of its overall sales.Gucci sales fell by 23 percent last year, contributing to a sharp plunge in net profits to 1.13 billion euros ($1.3 billion) for the group.
The bad results for Gucci continued into the first quarter of this year, with another 24-percent sales slump compared to the same period last year.
Contacted by AFP, Kering declined to comment on reports that it had recruited de Meo.As head of Renault, de Meo has been key to the carmaker's partnership with Japan's financially troubled Nissan, which has been under tension over the past couple of years.
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