François-Henri Pinault Expected To Be Replaced by Renault CEO Luca de Meo at Kering
Summary
Luca de Meo is set to step down from his position as Chief Executive ofRenaultin mid-July to pursue new opportunities outside the automotive sector.According to French outlet – Le Figaro, it is rumored that he will take the helm as the new CEO ofKering, the French luxury conglomerate known for iconic brands such as Gucci, Saint Laurent and Balenciaga.
Although de Meo has declined to comment, speculation has intensified — particularly after reports emerged last week suggesting thatFrançois-Henri Pinault, the current Chairman and CEO of Kering, is preparing to relinquish his role and retain his position as Chairman while bringing in new leadership to steer the group.
Fueling further speculation, Kering abruptly canceled a scheduled event with financial analysts set for Monday, June 16th, 2025. Kering has also recently faced mounting challenges, particularly with Gucci. Once considered their 'cash cow,' Gucci has seen asignificant declinein sales and profitability. Kering's share price has plummeted by over 60% in the past two years, and the company is currently managing more than €10 billion EUR (approximately 11.5 billion USD) in debt.
Luca de Meo is widely credited with revitalizing Renault during his five-year tenure achieving economies of scale by implementing cost-cutting initiatives, shifting focus toward electric vehicles and restructuring the brand's alliance with Nissan. His proven track record has led many to believe he is being tapped to execute a similar turnaround strategy at Kering — especially as the group looks to reignite momentum at Gucci. Kering has not confirmed the reports at the moment.
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