Renault CEO Luca de Meo will be departing the company in mid-July, the automaker announced on Sunday. He will be exploring opportunities outside of the automotive sector, and the French newspaper Le Figaro reported that he will succeed François-Henri Pinault as the CEO of Kering. Kering is a French luxury group that owns prestigious brands such as Yves Saint Laurent, Gucci and Balenciaga.
De Meo joined Renault in 2020 from Volkswagen during a period of record losses. During his five-year leadership, he spearheaded significant cost-cutting and restructuring efforts post-pandemic that turned the automaker’s performance around. His reforms included a substantial reduction in global headcount and production capacity, effectively repositioning Renault as a leaner and more agile automaker. He also overhauled the company’s long-standing, albeit difficult, strategic alliance with Nissan.
Under De Meo’s leadership, Renault has become Europe’s top-performing automaker, with its shares surging by 90% over the past five years. In comparison, rival Stellantis is up 15%, while Volkswagen is down 38%. The company’s focus on its European markets largely shielded it from the ripple effect of President Donald Trump’s implementation of new auto tariffs, and it was one of few automakers that didn’t issue a profit warning.
A leadership change at Renault could impact future strategy, particularly regarding electric vehicles (EVs) and global partnerships. The automaker’s focus on electrification, regional market strength, and its relationship with Nissan will be areas to watch as it moves forward under new executive leadership.
