Kering Names Renault’s de Meo as CEO, Shares Soar
Luxury giant Kering has appointed Luca de Meo as its new CEO from Renault to lead the company through a strategic transformation. The company will welcome De Meo as its new CEO on September 15.
The stock price of Kering increased by 12% after the announcement which became the largest daily rise since 2008. The stock price of Renault dropped by 8% because investors worried about losing their CEO who achieved success in turning around the company and reorganizing its Nissan alliance.
The Pinault family-owned group selects de Meo to lead Gucci because the brand needs new direction after the pandemic. The company faces significant debt pressure exceeding €10 billion which requires successful turnaround strategies to prevent credit rating downgrades.
The appointment of de Meo represents the first time an external leader will take charge of Kering because the company requires immediate transformation. The experience of de Meo in managing complex corporate reorganizations will be vital for Kering to win back investor trust.
The Renault board announced de Meo will depart from his position in mid-July. The company has not specified who will serve as interim CEO after Jean-François Palus until de Meo takes over.
Dominic Maley is an American journalist recognized for his sharp and insightful reporting on social and political issues. His work is known for its depth, integrity, and the ability to highlight critical societal concerns.