Boss of major car brand suddenly quits ‘for very different industry' after turning around troubled automaker
THE CEO of a major car brand has stepped down after five years in the hotseat - and is reportedly set for a dramatic career switch-up.
Luca de Meo was appointed the chief exec of
Group back in January 2020.
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2
Renault Group CEO Luca de Meo is reportedly switching to the luxury goods market
Credit: AFP
However, after
after five years in the role, he is departing to
"pursue new challenges outside the automotive sector", the carmaker said.
Reports suggest that could could see him running the company behind luxury brands like
Gucci and Yves Saint Laurent.
De Meo
is the man behind
The plan paid off, with the French firm posting a record operating profit last year of 4.26bn euros.
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During
de Meo
's rein, the Italian oversaw the launch of a number of SUVs, the resurrection of the Renault 5 as an electric vehicle.
The 58-year-old also helped turn the Alpine into an electric performance brand.
De Meo is set to leave on July 15, with Renault Group hunting for a new CEO as part of what the auto giant described as their "already defined succession plan".
Sources in both the UK and on the continent have linked the departing de Meo with a move into the luxury goods market.
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There is speculation he will be appointed the new chief exec of Kering, who also own
In a statement, de Meo said: "There comes a time in one's life when one knows the job is done.
World's biggest crash test with real people filmed on Scots military base
"At Renault Group, we have faced immense challenges in less than five years! We have achieved what many thought impossible.
"Today, the results speak for themselves: they are the best in our history.
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"We have a strong team and an agile organization. We also have a strategic plan ready for the next generation of products.
"That is why I have decided it is time for me to hand over the baton. I am leaving a transformed company, poised for the future, to apply my experience to other sectors and embark on new adventures.'
De Meo's decision to step down has come as a shock to the automotive industry.
While Renault's success has made him a man in demand, he has previously denied wanting to leave the French automaker.
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He was formerly linked to Stellantis, the company behind car brands like Vauxhall, Citreon and Chrysler, but instead insisted he still had a job to do at Renault.
In an official statement, Renault board chairman Jean-Dominique Senard said: "For five years, Luca de Meo has worked to restore Renault Group to its rightful place.
2
Renault is now searching for its next CEO as part of its succession plan
Credit: Shutterstock Editorial
"Under his leadership, our company has returned to a healthy foundation, boasts an impressive range of products and has resumed growth.
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"Today, the entire company joins me in thanking him for all these years and all the collective challenges successfully met."
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