His exit was confirmed by Renault and reported by Le Figaro, which revealed that he will take on the role of CEO at luxury group Kering.

Renault's stock has surged approximately 90% over the past five years, outperforming rivals like Stellantis and Volkswagen.

Following De Meo's announcement, Renault's board has initiated a search for a new CEO based on a pre-defined succession plan.

De Meo's tenure has been characterized by a focus on enhancing Renault's market position and restoring stability after a crisis that impacted sales and employee morale.

As De Meo prepares to take the helm at Kering, current CEO François-Henri Pinault will step back from daily operations while retaining the presidency.

Luca de Meo, the CEO of Renault, has announced his departure from the company to pursue new challenges outside the automotive sector, effective mid-July 2025.

De Meo's transition to Kering comes at a critical time for the company, which is grappling with significant challenges, particularly concerning its struggling Gucci brand.

Kering has seen its shares plummet over 60% in the past two years, largely due to declining sales and unsuccessful recovery strategies for Gucci.

The luxury group is also facing over €10 billion in debt and the threat of a credit downgrade as it attempts to revitalize its flagship brand post-pandemic.

De Meo joined Renault in 2020 during a tumultuous period marked by record losses due to the pandemic and the fallout from the Carlos Ghosn scandal.

Under his leadership, Renault has made significant strides in recovery, launching a strong product lineup and accelerating its electrification efforts.

De Meo's unexpected departure marks a significant shift in leadership within the European automotive industry, following the recent exit of Carlos Tavares from Stellantis.