Overview

• Kering investors are voting on de Meo’s board appointment, after which the board is scheduled to name him director general the same day.
• The package includes a €20 million entry indemnity paid 75% in cash and 25% in Kering shares to offset forfeited Renault awards.
• Shareholders are also asked to lift the age limits to 80 for the chair role and 70 for the chief executive position.
• Artémis, the Pinault family holding, controls 42.3% of capital and 59.3% of voting rights, making passage expected.
• De Meo takes office on September 15 with a mandate to revive Gucci and stabilize finances after H1 results showed net profit down 46% to €474 million, revenue down 16% to €7.6 billion, Gucci sales down 27% to €1.46 billion, and net financial debt near €9.5 billion following acquisitions including Creed and a 30% stake in Valentino.