Shock at Renault: Shares plunge as CEO reportedly departs to Gucci-owner Kering
Renault's share prices had dropped by 6.9% by early afternoon in Paris, while Kering was traded 9.6% higher, as Luca de Meo, the Italian CEO of Renault Group, suddenly resigned from his post on Sunday.
According to media reports, he will join the struggling Gucci-owner Kering as the global Luxury group's new CEO.
French carmaker Renault announced the departure of its CEO on Sunday evening, saying that Luca de Meo will stay on until 15 July 2025 and that the process to appoint a new Chief Executive Officer has already begun.
The Italian CEO has been in office for five years and saw Renault's share price nearly double under his watch as he oversaw a post-pandemic turnaround at Renault.
'For 5 years, Luca de Meo worked to put Renault Group back where it belongs. Under his leadership, our company has found a healthy base, it now has a magnificent range of products and has returned to growth,' said Chairman of the Board of Directors Jean-Dominique Senard.
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Even though Kering has yet to confirm the appointment, hiring Luca de Meo fits the firm's efforts to transform the debt-laden luxury conglomerate.
The French fashion house, which owns brands including Gucci and Saint Laurent, has been struggling for years. The company has recently posted worse-than-expected results for the first quarter of the year. Sales of its flagship brand, Gucci, fell by 25%.
Kering has lost nearly 80% of its share price since 2021.
The 58-year-old Italian executive is going to be appointed as the CEO of Kering within the next few days, Bloomberg News reported, citing unnamed sources.
Kering's current CEO and President, François-Henri Pinault, appears to have decided to separate the two roles, with him retaining the latter, in an attempt to reorganise the struggling brand.
Kering has not responded immediately to Euronews' request for comment.
As for the next CEO of the Renault Group, several names are circulating, including Denis Le Vot, Dacia's CEO and Maxime Picat, director at rival Stellantis. Renault have yet to confirm any names.
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