Renault seeks new boss after de Meo makes surprise move to Kering

STORY: Renault is beginning the search for a new boss.

That’s after current Chief Executive Luca de Meo agreed to make a surprise move to Gucci-owner Kering.

He’s due to be gone by mid-July.

The news sparked a tumble for Renault shares on Monday, with de Meo credited with turning round the firm’s fortunes.

Now analysts say possible successors include Stellantis executive Maxime Picat, who lost out in a bid to land the top job there.

Renault insider Denis Le Vot is considered another strong contender, having run the firm’s thriving budget brand Dacia.

Whoever takes over, they’ll have to hit the ground running.

Though Renault revived under de Meo’s leadership, it’s smaller than many rivals.

And it faces the same challenge as its European peers from the rise of Chinese brands.

Meanwhile, de Meo will face no shortage of challenges in his new job.

Kering has been battling mounting debts and flagging sales at its star brand Gucci.

Its shares are down around 75% over the past four years.

:: Gucci

And one investor said its swoop for de Meo - known as a turnaround expert - could mean the problems go deeper than outsiders know.

Industry players told Reuters the betting is that he’ll first push for cost cuts including store closures and redundancies.

One source said de Meo’s learning curve would be “super steep”, given his lack of experience in the luxury sector.