Overview

• De Meo will step down as Renault CEO on July 15 after five years of leadership to assume the chief executive role at Kering as reported by French media.
• François-Henri Pinault has split Kering’s chairman and CEO positions to pave the way for De Meo to drive a strategic turnaround in the luxury group.
• Renault’s board immediately activated its predefined succession plan and expressed confidence in the management team to maintain momentum.
• Under De Meo’s ‘Renaulution’ strategy, Renault returned to profitability, streamlined its product lineup and achieved record company performance.
• His move underscores mounting pressure on Europe’s auto industry from tighter EU emissions regulations and intensifying global competition.