Shares of French luxury group Kering jumped over 10% on Monday after reports emerged that Renault CEO Luca de Meo is set to become the company’s next chief executive. Renault confirmed Sunday that CEO Luca de Meo will step down by July 15 to pursue opportunities outside the automotive sector, according to CNBC. Kering shares rose 10.4% in London trading, while Renault shares fell 7% as investors reacted to reports of Luca de Meo’s move. De Meo is credited with turning around Renault and has over 30 years of auto industry experience at Toyota, Fiat, and Volkswagen. Kering has struggled in the luxury sector, with shares down over 60% in two years due to profit warnings and declining demand for its Gucci brand. Kering CEO and chairman François-Henri Pinault is preparing for succession after two decades in both roles, according to Reuters. He reportedly plans to separate the CEO and chair positions, though it is unclear if he will stay on as chair.
