Luca de Meo: The Auto Industry Outsider Driving Kering's Transformation

Gucci owner Kering has confirmed that Luca de Meo, former boss of Renault, will step in as CEO, a revelation that saw Kering shares skyrocket while Renault shares fell sharply. De Meo's leadership appointment is part of a strategy to reinvigorate Kering's brand performance and manage its substantial debt.

Kering's chairman, Francois-Henri Pinault, cited de Meo's extensive experience and fresh perspective as pivotal in this new era for the company. De Meo's appointment comes at a time when Kering is grappling with challenges, including a need for corporate restructuring and a reimagined strategic vision.

While de Meo's departure deals a blow to Renault, where he achieved significant turnaround successes, his new role at Kering has the potential to revitalize the conglomerate. Meanwhile, Renault maintains that its strategic goals remain intact despite the unexpected shakeup at the helm.

(With inputs from agencies.)