Renault boss De Meo quits, report says he will lead Gucci-owner Kering

Luca de Meo is leaving Renault to prosecute "new challenges," the institution said connected Sunday soon aft a paper study said helium would go the caller CEO of luxury radical Kering.

De Meo, an Italian known for his energy, led the French carmaker for astir 5 years, overseeing a strategical displacement towards electrical vehicles and an overhaul of the firm's strategical confederation with Nissan.

"Luca de Meo has expressed his determination to measurement down successful bid to instrumentality connected caller challenges extracurricular the automotive sector," the institution said successful a statement.

The connection was released soon aft paper Le Figaro reported de Meo was readying to articulation struggling luxury radical Kering, which owns Gucci, Yves Saint Laurent and Balenciaga among different labels, arsenic main executive.

Kering declined to comment. A idiosyncratic acquainted with the reasoning of Kering Chairman and CEO Francois-Henri Pinault told Reuters helium was actively moving connected his succession, which includes splitting up the 2 roles to prosecute a caller main executive.

Pinault took implicit the enactment of the radical founded by his begetter Francois Pinault which was aboriginal renamed to Kering successful 2005.

Kering shares person mislaid implicit 60% of their worth successful the past 2 years, marked by a drawstring of nett warnings and decorator changes astatine Gucci, its astir important marque by income and profits.