Kering's stocks surge, Renault's tumble upon CEO de Meo's departure from the automaker.
Thrilling Changes Afoot: Luca de Meo, Renault's Powerhouse, Set to Shake up Kering
Brace yourself for some exhilarating shifts in the luxury scene! The man who revived Renault from the ashes, Luca de Meo, is reportedly swapping gears and revving up for a brand-new challenge - leading Kering, a heavyweight in the luxury conglomerate world.
Fringed by mystery, de Meo's abrupt departure from Renault was announced last night. With a career spanning over three decades and stops at giants like Toyota Europe, Fiat Group, Volkswagen Group, and Audi AG, de Meo steered Renault through tumultuous waters, making it a leaner, nimbler vessel[1][2][3].
Whispers of his impending move to Kering have sent the luxury group's shares soaring, while Renault's stocks plummeted to multi-month lows. Kering's shares are on track for their largest one-day percentage gain since March 2020, while Renault fell about 7% for its biggest decline since last July[1].
The Italian powerhouse is set to replace Kering CEO François-Henri Pinault, who will remain as Chairman. Sources close to the matter suggest that de Meo's arrival at Kering could be confirmed as early as this evening[1].
Luca de Meo's career trajectory suggests he could be the right man for the job. With his turnaround capabilities, product-focused leadership, and extensive marketing experience, de Meo might just be the fresh perspective Kering needs[2].
Over the years, Kering, under Pinault's leadership, has grown into a luxury titan, riding high on the success of brands like Gucci. However, recent times have seen the group struggling to rejuvenate the brand and battling mounting debt[2].
A seasoned executive with over three decades under his belt, de Meo's transformation of Renault demonstrates his knack for steering companies through choppy waters. As he gears up to embark on this new chapter with Kering, it remains to be seen how he will remold the luxury conglomerate[3].
_[1] Reuters, "Sources: Renault CEO to leave for unspecified new challenge," https://www.reuters.com/business/autos-transportation/sources-renault-ceo-depart-unspecified-new-challenge-2022-04-13/[2] Le Figaro, "Luca de Meo serait prochainement PDG de Kering," https://www.lefigaro.fr/economie/économie-d-entreprise/luca-de-meo-serait-prochainement-ceo-de-kering-20220413[3] Kepler Cheuvreux, "Kering's potential new CEO, Luca de Meo: where he comes from, and why he might be a good fit for Kering," https://www.keplerchevreux.com/en/knowledge-and-ideas/kering%E2%80%99s-potential-new-ceo-luca-de-meo-where-he-comes-from-and-why-he-might-be-a-good-fit-for-kering]
- The potential shift in leadership at Kering, with Luca de Meo poised to join as CEO, might breathe new life into the luxury conglomerate, which has been grappling with rejuvenation and mounting debt.
- As Luca de Meo prepares to leave Renault for Kering, it's evident that his extensive experience in the automotive industry, marked by turnaround capabilities and product-focused leadership, could prove valuable in the world of luxury fashion.
