Latest news with #Jean-DominiqueSenard
Euronews
11 hours ago
- Business
- Euronews
Baku Energy Week 2025 showcases Azerbaijan's energy diplomacy, renewables and regional influence
Baku Energy Week, a key event in the global energy calendar, attracts over 2,000 delegates and 240 companies annually. Now in its 30th year, it highlights Azerbaijan's commitment to installing 6.5 GW of renewable capacity by 2030, representing over 35% of its energy grid. The event also underscores Azerbaijan's strategic role in energy diplomacy, with pipelines linking the Caspian Sea to Europe via the Southern Gas Corridor. Discussions focus on balancing energy security, green transition, and geopolitical cooperation, reflecting Azerbaijan's evolving energy ambitions and partnerships with global players like Germany and Masdar. 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. 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.
Yahoo
11 hours ago
- Automotive
- Yahoo
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. Related Renault Group sales zoom ahead after European performance boost in 2024 L'Oréal acquires a majority stake in British skincare brand Medik8 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.
Euronews
13 hours ago
- Automotive
- Euronews
Renault shares plunge as CEO departs to lead 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. 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. Israel's attack on Iranian nuclear and military targets caused the price of oil to surge more than 7% on Friday since Tehran is one of the world's major producers of oil, despite sanctions by Western countries limiting its sales. A wider war could slow the flow of Iranian oil to its customers and keep prices of crude and gasoline higher for everyone worldwide. But early Monday, those concerns appeared to abate slightly. Oil prices were still volatile on the fourth day of the Israeli-Iran crisis, before giving back a bit of their gains. On Monday morning, the US benchmark crude oil was traded at $73.71 per barrel. Brent crude, the international standard, cost $74 per barrel, down from Friday but still 7% higher than the price before the missile fire started. Military strikes between Israel and Iran are fuelling concerns that oil exports from the Middle East could be significantly disrupted. However, there is currently no indication that the oil flow is impacted, and concerns are running high. Meanwhile, major oil companies are being rewarded on the stock market: BP and Shell both gained more than 1% in the Monday morning trade in Europe. 'Gains in oil majors and defence contractors have helped to push the FTSE 100 onto a positive footing in early trade,' said Susannah Streeter, head of money and markets at Hargreaves Lansdown financial services company. Shares in the FTSE 100's top banks were also rising on inflation fears that could result in higher key interest rates. Standard Chartered rose nearly 3%, Barclays and Natwest were up by more than 1% by 11 am CEST. Also strengthening the banking sector's gains in London, Metro Bank shares soared by more than 14% following speculation that investment firm Pollen Street Capital would take over the lender, Sky News first reported over the weekend. Investors in London also gained confidence after data for May showed a 6.1% year-on-year jump in retail sales in China, the world's second biggest economy. However, it was coupled with lower-than-expected growth in industrial output, which still rose 5.8% from the previous year. After 11 am in Europe, Britain's FTSE 100 inched up 0.3% to 8,876.26. Germany's DAX gained 0.2% to 23,572.39 and the CAC 40 in Paris edged 0.6% higher to 7,728.66. The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.5%. During Asian trading, Tokyo's Nikkei 225 added 1.3% to 38,311.33, while the Kospi in Seoul gained 1.8% to 2,946.66. Hong Kong's Hang Seng surged 0.7% to 24,060.99 and the Shanghai Composite Index added 0.4% to 3,388.73. The price of gold has climbed as it remains a safe haven asset. An ounce of gold added 1.4% on Friday, but gave back some of its gains on Monday morning, and was traded at around $3,437 an ounce. Prices for US Treasury bonds are also on the rise when investors are feeling nervous, but Treasury prices fell Friday, which in turn pushed up their yields, in part because of worries that a spike in oil prices could drive inflation higher. Inflation in the US has remained relatively tame recently, and it's near the Federal Reserve's target of 2%. However, concerns remain high that it could accelerate due to President Donald Trump's tariffs. A better-than-expected report Friday on sentiment among US consumers also helped drive yields higher. The preliminary report from the University of Michigan stated that sentiment improved for the first time in six months after Trump put many of his tariffs on pause, while US consumers' expectations for future inflation eased. In currency trading early Monday, the US dollar gained to 144.18 Japanese yen from 144.03 yen. The euro rose to $1.1582 from $1.1533. The Middle East conflict is set to be the focus of the G7 meeting of leaders of wealthy nations in Canada this week. There are also hopes that Trump will sign more trade deals, which keeps trade optimism a bit higher. 'It's a big week in terms of decisions on interest rates and the direction of monetary policy," Streeter said. "The Federal Reserve is expected to keep rates on hold this week but comments from chair Jerome Powell will be closely watched for future direction of policy.' Meanwhile, there is a monetary policy meeting of the Bank of England this week, where 'policymakers are expected to press pause on rate cuts,' Streeter explained, citing the potential impact of higher energy costs. Meanwhile, the UK government's infrastructure plans are going to be revealed in more detail this week. 'The 10-year strategy, worth £725 billion (€850.8 bn), is the backbone of the Starmer administration's plan to kickstart growth,' Streeter said.
Business Upturn
a day ago
- Automotive
- Business Upturn
Announcement regarding the governance of Renault Group
By GlobeNewswire Published on June 15, 2025, 23:26 IST PRESS RELEASE June 15, 2025 Announcement regarding the governance of Renault Group Boulogne-Billancourt, June 15,2025 – After 5 years at the head of Renault Group, Luca de Meo has announced his decision to step down and pursue new challenges outside the automotive sector. The Board of Directors, convened by its Chairman Jean-Dominique Senard, expressed their gratitude to Luca de Meo for the turnaround and transformation of Renault Group and accepted that his departure would be effective from July 15, 2025. Luca de Meo will continue to perform his duties until that date. The Board of Directors has initiated the process of appointing a new Chief Executive Officer based on the already defined succession plan. The Board of Directors has expressed its confidence in the quality and experience of the management team to continue and accelerate Renault Group's transformation strategy into this new phase. 'For five years, Luca de Meo has worked to restore Renault Group to its rightful place. Under his leadership, our company has returned to a healthy foundation, boasts an impressive range of products and has resumed growth. Besides being an exceptional captain of industry, Luca de Meo is also a creative, committed, passionate and inspiring individual. Today, the entire company joins me in thanking him for all these years and all the collective challenges successfully met. On a personal level, I will always remember the quality of our relations during this unforgettable journey. This also gives me the opportunity to warmly thank the Group's employees who have worked alongside us for the recovery of this emblematic company that we are all so proud of.' highlighted Jean-Dominique Senard. 'There comes a time in one's life when one knows the job is done. At Renault Group, we have faced immense challenges in less than five years! We have achieved what many thought impossible. Today, the results speak for themselves: they are the best in our history. We have a strong team and an agile organization. We also have a strategic plan ready for the next generation of products. That is why I have decided it is time for me to hand over the baton. I am leaving a transformed company, poised for the future, to apply my experience to other sectors and embark on new adventures.' shared Luca de Meo. 'Leading Renault Group has been a privilege. It has been a human and industrial adventure that only happens once in a lifetime. For this, I will always be grateful to the women and men of this company – the 'Renaulutionnaires' – for their passion, their commitment and their conviction. They are the true driving engines. Moreover, I would like to thank Jean-Dominique Senard for choosing me several years ago, for his support and trust, as well as the Board of Directors, for believing in our projects. And the best is yet to come…'. About Renault Group Renault Group is at the forefront of a mobility that is reinventing itself. The Group relies on the complementarity of its 4 brands – Renault – Dacia – Alpine and Mobilize – and offers sustainable and innovative mobility solutions to its customers. Established in 114 countries, Renault Group sold 2.265 million vehicles in 2024. It employs more than 98,000 people who embody its Purpose every day, so that mobility brings people closer. Ready to pursue challenges both on the road and in competition, the Group is committed to an ambitious and value generating transformation focused on the development of new technologies and services, and a new range of even more competitive, balanced, and electrified vehicles. In line with environmental challenges, the Group's ambition is to achieve carbon neutrality in Europe by 2040. More information: Attachment 20250615_ EN_Renault Group_Press Release Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Nikkei Asia
06-05-2025
- Automotive
- Nikkei Asia
Renault-Nissan alliance: Where is the partnership heading?
YUICHI SHIGA TOKYO -- Nissan Motor finds itself mired in crisis, much as it did 26 years ago when Renault rescued it and the automakers formed an alliance. Now the true worth of that partnership with the French automaker is being tested. The Japanese automaker announced last month that Renault Chairman Jean-Dominique Senard and lead independent director Pierre Fleuriot will step down from Nissan's board of directors at the company's annual shareholders meeting in June. This will leave Nissan's decision-making body without representation from Renault.
