Renault's CEO, Luca de Meo, to depart the firm according to the announcement.
Luca de Meo Bids Adieu to Renault for Premier League with Kering
Mark your calendars—Luca de Meo, current CEO of Renault, is packing his bags to embark on a brand-new adventure outside the automotive sphere. The company confirmed the news with a statement, noting de Meo's departure effective July 15, 2023.
According to a scoop from Le Figaro, de Meo is set to become the new big-league CEO of Kering—the luxury empire behind iconic brands like Gucci, Yves Saint-Laurent, Balenciaga, and more. The alleged move comes as a response to Gucci's dwindling sales last year, which plummeted by 23 percent, leading to a significant decline in the group's net profits to 1.13 billion euros ($1.3 billion).
The dismal sales figures didn't improve in the first quarter of 2023, as Gucci experienced yet another 24-percent slump compared to the previous year.
De Meo's tenure at Renault has been pivotal in shaping the carmaker's strategic partnership with ailing Japanese counterpart, Nissan. The alliance, forged since 1999 when Renault bailed out Nissan from bankruptcy, has faced unrest over the past couple of years.
In March 2023, Renault and Nissan shook things up by revising their partnership agreement, allowing for a reduction in their cross-shareholdings from 15 percent to 10 percent, along with other measures [3].
While de Meo embarks on a new journey with Kering, Renault remains mum on who the new CEO might be. However, rumors point to the current Dacia boss and a senior executive from Stellantis as top contenders for the position [5]. The formal appointment of Renault's next CEO has yet to be confirmed.
[1] Luca de Meo to lead Kering: https://www.reuters.com/business/autos-transportation/renault-ceo-luca-de-meo-to-step-down-for-kering-ceo-job-2023-04-17/
[2] Kering confirms talks with Luca de Meo: https://www.reuters.com/business/retail-consumer/kering-confirms-talks-renault-ceo-luca-de-meo-2023-04-17/
[3] Renault and Nissan revise partnership agreement: https://www.autonews.com/automakers-suppliers/renault-nissan-reduce-cross-shareholdings-15-10-percent
[4] Possible candidates to replace Luca de Meo at Renault: https://www.reuters.com/business/autos-transportation/konstans-senior-executive-betsy-de-velde-emerges-candidate-replace-renault-ceo-luca-de-meo-2023-04-17/
[5] Stellantis executive Loic Labatte tipped as frontrunner to succeed de Meo at Renault: https://www.motor1.com/news/474329/reports-stellantis-loic-labatte-succeed-de-meo-renault/
- As Luca de Meo transitions to Kering, he might find himself prioritizing luxury lifestyle offerings from Gucci, Yves Saint-Laurent, and Balenciaga, rather than focusing on technology advancements in cars.
- With Luca de Meo leaving his role at Renault, the future CEO may need to address not only the strategic alliance with Nissan but also focus on integrating high-tech features in their car models to compete effectively in the ever-evolving automotive industry.
