Background on Luca de Meo and His Impact at Renault
Renault, the French automobile manufacturer, announced on Sunday night that CEO Luca de Meo will be leaving his position. According to media reports, De Meo is set to join the luxury group Kering as its new CEO. The transition will take effect on July 15th.
De Meo’s Career and Achievements
Born in 1964, Luca de Meo began his career at Renault before moving on to Fiat, where he successfully revitalized the Fiat 500. He later joined Volkswagen’s group, revitalizing Seat during a challenging period for the company. Known for his exceptional communication skills and marketing expertise, De Meo took charge of Renault when the company was still recovering from over a year of crisis following the Carlos Ghosn scandal.
Under De Meo’s leadership, Renault accelerated its electrification strategy. The company, which also owns Dacia, Alpine, and Lada, aimed to elevate its brand positioning in the market to help it overcome its recent struggles.
Market Reaction to De Meo’s Departure
On Monday, Renault’s stock opened with more than 5% loss on the Paris Stock Exchange following the announcement of De Meo’s departure. Conversely, Kering’s stock price surged over 6%.
Kering and the New CEO
According to Le Figaro, François-Henri Pinault, Kering’s majority shareholder, decided to restructure the executive team, leading to De Meo’s appointment as CEO. Kering is a luxury group known for brands such as Gucci, Yves Saint Laurent, and Bottega Veneta.
Key Questions and Answers
- Who is Luca de Meo? Luca de Meo is a 58-year-old Italian executive with extensive experience in the automotive industry, having worked for Renault, Fiat, and Volkswagen’s Seat division.
- Why is De Meo leaving Renault? De Meo informed Renault of his decision to step down from his position after five years at the helm.
- What is Kering? Kering is a French luxury group that owns brands such as Gucci, Yves Saint Laurent, and Bottega Veneta.
- What impact did De Meo have on Renault? De Meo accelerated Renault’s electrification strategy, aimed to elevate the brand’s positioning in the market, and helped the company recover from a crisis following the Carlos Ghosn scandal.
- How did the market react to De Meo’s departure? Renault’s stock opened with more than 5% loss on the Paris Stock Exchange, while Kering’s stock price increased by over 6%.
