Renault's CEO Luca De Meo steps down

Renault Group's chief executive officer, Luca De Meo has stepped down from his position in order to pursue opportunities outside the automotive industry. It has been reported that Meo would head the French multinational conglomerate company Kering, which owns Gucci, Balenciaga, Yves Saint Laurent, as its CEO.

At Kering, Meo will succeed Fraincois-Henri Pinnault, whose family has been leading the French MNC for about two decades.

Meo began his career at Renault in 1992, prior to joining Toyota Motor Corporation as general manager - product planning (Yaris and Lexus). In 2009, he joined the Volkswagen Group as the marketing director, and in 2012, took up the position of Member of the Board of Management for Sales and Marketing at AUDI AG.

Meo has also held the position of CEO at SEAT in Spain.

Since July 2020, Meo was holding the position of CEO at Renault Group. And, from January 2021, he has been a member of Renault Group’s Board of Management.

This year in April, it had been announced that Renault would acquire Nissan’s 51 percent stake in their Indian manufacturing joint venture, Renault Nissan Automotive India (RNAIPL), taking full ownership of the company.

As part of a global framework agreement between the two companies, reportedly, Renault would fully control the facility while continuing to work with Nissan on sourcing vehicles for both the Indian market and exports.

Despite the ownership shift, Nissan will retain its 49 percent stake in Renault Nissan Technology & Business Center India (RNTBCI), with Renault holding the remaining 51 percent.

Read More: Renault to take full control of Indian manufacturing JV, acquires Nissan’s 51% stake