French automaker Renault announced on Sunday that CEO Luca de Meo plans to resign on July 15 to seek new challenges outside the automotive industry. According to French newspaper Le Figaro, Luca de Meo will be appointed as the new CEO of Kering, the parent company of Gucci.
On June 11, 2025, local time, in Paris, France, Renault CEO Luca de Meo attended the 2025 Technology Exhibition.
De Meo joined Renault from Volkswagen in 2020. That year, Renault's car sales were hit by the epidemic and suffered record losses. During his five years in charge of Renault, De Meo turned the company around through the "Renaulution" strategic plan, shifting it from volume-based growth to value creation while investing in next-generation mobility technologies. In addition, De Meo also led Renault to restructure its alliance. It is reported that Renault was one of the few automakers that did not issue a profit warning last fall. Its stock price has risen by about 90% in the past five years, making it the best performing automaker in Europe.
"Luca de Meo was not only an outstanding industrial leader, but also a creative, responsible and passionate person," said Jean-Dominique Senard, chairman of the Renault board of directors. "On a personal level, I will always remember everything we experienced together in this adventure, which will always be unforgettable."
The departure of this dynamic Italian has sparked some discussions in different fields. For example, in F1, some people are worried that with the departure of De Meo, the uncertainty of the future of the Alpine team will increase. At present, the Alpine team is at the bottom of the rankings in the new season, and rumors of the team facing a sale are prevalent. Affected by the economic downturn, Renault may consider reducing its investment in motorsport and reallocating limited resources to electrification and software development.
De Meo has overseen a series of major changes, including the reorganization of Renault's racing department and the renaming of their team to Alpine in 2021. De Meo approved the team to stop the development of F1 power units by 2026 and switch to Mercedes engines. It is reported that Renault spends up to 250 million euros (289 million US dollars) on engine production each year, which would cost less than 20 million US dollars if purchased from another manufacturer. Some people see this as a pragmatic choice, while others see this move as a retreat.
In addition, De Meo's joining Kering, one of the world's three largest luxury groups, has also sparked discussions in the fashion industry. Like Renault five years ago, De Meo is about to take over a company that is also heavily in debt. It is reported that Kering's stock price has fallen by more than 60% in the past two years, and it has also assumed more than 10 billion euros (11.5 billion U.S. dollars) in debt, and may face the risk of another credit downgrade. The troubled French luxury group will split the chairman and CEO positions currently held by Francois Pinault, and Francois Pinault will withdraw from the CEO position.
According to foreign media reports, Kering Group declined to comment.
