Renault Announces CEO Luca de Meo's Departure

French automaker Renault announced Sunday that its CEO, Luca de Meo, will step down "to take on new challenges outside the automotive sector," confirming a report in Le Figaro newspaper.

"After five years at the helm of the Renault Group, Luca de Meo has announced his decision to step down," the group said in a statement, noting that the decision "will take effect on July 15."

Le Figaro reported that de Meo, 58, will take over as CEO of the luxury goods group Kering, whose majority shareholder, François-Henri Pinault, has decided to restructure its management and retain only the presidency.

In response to a query from AFP, the Kering group declined to comment on this information.

Luca de Meo began his career at Renault, then moved to Fiat, where he successfully relaunched the small Fiat 500, before relaunching the SEAT brand for the Volkswagen Group.

This French-speaking Italian was a marketing professional who rose to the top of the company's management team after more than a year of crisis following the Carlos Ghosn affair.

He helped accelerate Renault's electrification process and pull it out of its crisis.