Overview

• Renault announced that de Meo will step down as CEO on July 15 to pursue new challenges outside the automotive sector.
• Le Figaro and Bloomberg reports say he will succeed François-Henri Pinault as Kering’s chief executive, with Pinault staying on as chairman.
• Kering shares jumped about 10% Monday on the appointment reports, while Renault stock slid around 7%.
• De Meo is credited with reversing Renault’s fortunes over five years, roughly doubling its share price and avoiding profit warnings.
• Kering is under pressure from a 23% drop in Gucci sales and over €10 billion in debt that risks another credit downgrade.