Renault CEO Luca de Meo unexpectedly resigns, heading to Kering
Two "Car of the Year" trophies and then he's gone! For two years in a row, Renault, under Luca de Meo's leadership, won the prestigious European award. A triumph, and then... crash. On Thursday, June 12, the chief executive informed Renault's chairman, Jean-Dominique Senard, of his intention to leave the group. The news of his departure, kept secret for a few days, was made public by the automaker on the evening of June 15, along with his departure date: July 15.
De Meo is expected to join the luxury group Kering, according to Le Figaro. The company, controlled by the Pinault family, was caught off guard and did not confirm the news Sunday evening. But it is already an open secret. At 58, de Meo, who spent more than 30 years in the automotive industry and turned around the Fiat and Seat brands before leading Renault, is changing course and switching sectors entirely, an unexpected and unusual move.
Within Renault's senior management, the announcement provoked a shock, followed by some disappointment. On Thursday, de Meo had presented the main outlines of his "Futurama" plan to the board's strategic committee. This plan sets out the company's strategy for the next five years, covering future vehicle models as well as diversification strategies, particularly in the defense industry. No sooner had it been presented than it was abandoned by the very person who was supposed to implement it. It was a bombshell for some board members, who are now left doubtful. When the Paris stock exchange opened on June 16, Renault shares were down nearly 6%, while Kering shares rose more than 7%.
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