Renault Chief Executive Officer (CEO) Luca de Meo is leaving the French carmaker to pursue a role outside the auto industry, the company said on Sunday.
“Luca de Meo has expressed his decision to step down to take on new challenges outside the automotive sector,” Renault said in a statement.
De Meo will leave Renault in mid-July, Renault added. The French state holds a 15% stake in the company.
If confirmed, de Meo moves to Kering, which has lately failed to convince stock market investors of its plans to turn around its Gucci label, would mark a dramatic change at the group. Pinault would remain Kering’s chairman.
The development is after a newspaper, Le Figaro, reported he would become the new chief executive of Gucci-owner Kering De Meo turned around the troubled French automaker in his five years at the helm, overhauling its two-decade-long strategic alliance with Nissan and doubling down on hybrid motors while shifting towards electric vehicles.