DE MEO LEAVES RENAULT GROUP FOR LUXURY FIRM

CEO is departing after five years and an internal successor looks likely

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Luca de Meo is stepping down as CEO of the Renault Group after five years and will take charge at Kering, the French company that owns luxury goods brands such as Gucci and Yves Saint Laurent.

The Italian joined the Renault Group from Seat-Cupra five years ago and will depart on 15 July. Renault said a hunt for a new group CEO “based on the already defined succession plan” has been launched.

“Luca de Meo's departure is unequivocally a blow to Renault,” said Stephen Reitman, automotive analyst at banking firm Bernstein. “We are saddened by the loss.”

Reitman’s obituary-like response is a reaction to the enormous impact de Meo has had on Renault since joining in July 2020.