Luca de Meo, Renault's CEO, will leave his post on July 15, according to a statement released Sunday, June 15. In a month, the Italian leader will end his years at the helm of the diamond-shaped brand, which he has tried to turn around since July 2020 in a gentler "Renaulution" than that of his great predecessor, Carlos Ghosn.
Over the past five years, he has been the conductor of a plan to restore Renault's competitiveness, through a slogan: "Renaulution." An electric shift, a design revolution, and a new financial strategy were its main pillars, alongside cost reductions, French reindustrialization, and subsidiary restructuring.
That said, changes in the automotive market and regulations have led Renault to make decisions that contrast with those of recent years, such as the cessation of production of the Scénic in France. In addition to the complicated relationship with Nissan, Luca de Meo seems to have had enough, as he is a child of the automotive industry, having worked at Toyota, FCA, and the Volkswagen group.
Moreover, the last few months have not been easy. In addition to investing in electric cars and the current retreat from policies for the forced electrification of ranges, Renault has also decided to return to the arms industry, offering its services to the Ministry of the Armed Forces. The objective? To manufacture drones for the Ukrainian Army.
New challenges outside the automobile industry
According to Le Figaro, Luca de Meo will continue his career in luxury, as CEO of the Kering group, founded by François Pinault, which owns some of the biggest luxury houses in fashion and leather goods (Gucci, Saint Laurent, Balenciaga) as well as in jewelry and watches. This new role will not come without challenges, as it has become urgent for the group to find a way to relaunch itself after the fall of Gucci.
By leaving for LVMH's rival, Luca de Meo says he will seek to "take on new challenges outside the automotive sector." Following the announcement, Renault announced that "the board of directors has launched the process of appointing a new CEO based on the defined succession plan.".
Quoted in the press release, Renault Chairman of the Board, Jean-Dominique Senard, said: "For 5 years, Luca de Meo has worked to put Renault Group back where it belongs. Under his leadership, our company has found a healthy base, it now has a magnificent product range and is back to growth."
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