Gucci Owner Kering Picks Renault Chief
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Luca de Meo's departure from Renault likely to cause near-term uncertainty as analysts debate whether it will impact its growth strategy and make investors cautious.
News of Renault Chief Executive Luca de Meo's decision to leave the French carmaker and sources saying he is being lined up to take charge at luxury goods group Kering has created a stir across their respective sectors.
The appointment of de Meo, 58, marks a big change at Kering, owner of the Gucci and Saint Laurent brands, where François-Henri Pinault, a member of the family that controls the group, has been chair and chief executive for 20 years.
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Stocktwits on MSNGucci Owner Kering Taps Renault's Luca de Meo As First Outsider CEO Amid Luxury Brand's TurnaroundFrench luxury group Kering SA (PPRUY) has named Luca de Meo its next chief executive officer, tapping the top leader of Renault SA (RNLSY) to leverage his turnaround experience in the automotive sector for the luxury retail industry.
Gucci owner Kering said it was hiring Renault boss Luca de Meo as its new CEO to help revive the debt-laden luxury conglomerate, confirming reports that sent its shares soaring and those of Renault tumbling earlier on Monday.