Luka de Miu, CEO of Reno to lead Craring, applies

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Luca De Meo will step ascend as the CEO of Renault, where Kering is 58 years old to lead to the lead to the transformation of the troubled French luxury group, according to the people who have been informed of the plan.

The appointment represents a sharp break with a solid practice in KERING, the owner of Gucci and Saint Laurent Brands, which was led by a member of the dominant PINAlt family.

The performance of the weak company in recent years raised questions about its management and strategy.

Persons with the situation said that the CEO of outgoing KERING company Francois Henri Pinol, 63, is also the company’s president and decided to divide the roles. It was not clear whether it would remain a chair.

KERING refused to comment. The planned De Meo was reported from Renault to KERING by the French newspaper Le Figaro.

KERING shares have lost about 70 percent of their value over the past three years, which has led to a 21 billion euros market, as a shift in Gucci, the largest source of revenues and profits in the company, in achieving it.

Also, a series of expensive acquisitions and real estate deals by KERING are not investors, as did this year from the controversial Balenciaga designer Demna to be the creative director of Gucci.

In a statement on Sunday, Renault said De Meo “will continue new challenges outside the auto sector” but will remain in effect in the company until July 15. De Meo could not have immediately reached to comment.

Since I became the CEO of Renault in 2020, De Meo has greatly strengthened the portfolio of French auto industry and the cost structure, converting it into one of the best performance companies in the sector despite its limited size.

The geographical footprint that focuses on Europe has also left relatively safe from US President Donald Trump’s tariff, as well as increasing competition from China, compared to senior competitors such as Stelantis and Volkswagen.

The auto industry has witnessed a series of higher leadership changes over the past year with Stelantis, Nissan and Volvo cars, as all new executives appointed while the sector is struggling with moving to electric cars and the rise of Chinese competitors.

The company said that the Renault Board of Directors began the process of appointing the new CEO.

He added: “The Board of Directors expressed its confidence in the quality and experience of the administration team to continue and accelerate the strategy of converting the Renault Group in this new stage.”