- Luca de Meo leaves Renault Group after spending five successful years as CEO.
- The executive led the Renaulution turnaround plan, focusing on electrification.
- De Meo is expected to join luxury group Kering, owner of fashion brand Gucci.
Renault Group has announced that Luca de Meo is stepping down from the position of the CEO, citing a desire to “pursue new challenges outside the automotive sector”. The surprise departure of the Italian automotive executive comes after five rather successful years in the role and will be effective on July 15.
De Meo was the mastermind behind the Renaulution plan that was announced on 2021. This included the introduction of various EVs and hybrids such as the Renault 5 hatchback, the transformation of Alpine into an EV-only brand, and the expansion of the budget-friendly Dacia.
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The Board of Directors expressed their gratitude to Luca de Meo for his service and have already began the process of appointing a new CEO, which is “based on the already defined succession plan”. Their choice will be announced at a later date.
French newspaper Le Figaro reports that the 58-year-old executive will join the luxury group Kering, which owns fashion brands Gucci, Yves Saint Laurent, Bottega Veneta, Balenciaga, and Alexander McQueen. Kering shares have dipped 77% since the all-time-high of 2021, meaning that the new boss has to come up with a turnaround plan.
In a statement, de Meo said: “There comes a time in one’s life when one knows the job is done. 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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The outgoing CEO added: “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.”
Before joining Renault, de Meo held key leadership roles at several major automakers, including CEO positions at Seat and Cupra within the Volkswagen Group, as well as Fiat, Abarth, and Alfa Romeo during his earlier tenure at FCA (Fiat Chrysler Automobiles).
