Nissan may reduce stake in Renault

GUCCI OWNER KERING said it was hiring Renault boss Luca de Meo as its new CEO, confirming reports that sent its shares soaring and those of Renault to multi-year lows earlier on Monday.

- REUTERS

The Italian, who has spent his career in the auto industry, will be the first outsider to run the company controlled by the French billionaire Pinault family. He will start in the role on September 15.

"His experience at the helm of an international listed group, his sharp understanding of brands, and his sense of a strong and respectful corporate culture convinced me that he is the leader I was looking for to bring a new vision and steer this chapter in our Group's history," Francois-Henri Pinault, whom de Meo will replace as CEO, said in a statement.