Dive Brief:
- Kering has appointed Luca de Meo as CEO, according to a Monday press release. He was previously CEO of France-based automotive company Renault, which he announced his departure from on June 15.
- De Meo succeeds Kering chairman François-Henri Pinault, who formerly held a dual role of chairman of the board of directors and CEO. This decision to split up the roles of CEO and chairman was initiated by Pinault, per the release.
- The leadership change comes as losses continue to mount for Kering. In April, the Gucci owner posted a Q1 revenue decline of 14% to 3.9 billion euros, or about $4.4 billion at the time. Revenue fell 12% in fiscal 2024.
Dive Insight:
The executive changes are expected to take effect subject to approval from the board of directors, who will vote following a Kering shareholder meeting on Sept. 9. If his appointment is approved, de Meo will take office on Sept. 15.
“After twenty years of transforming Kering into a major global luxury player, the Group is ready for a new stage in its development,” Pinault said in the release. “From 2023, I launched a reflection on the evolution of the Group's governance. It was in this context that I met Luca de Meo. His experience at the helm of an international listed group, his sharp understanding of brands, and his sense of a strong and respectful corporate culture convinced me that he is the leader I was looking for to bring a new vision and steer this chapter in our Group’s history.”
De Meo comes to Kering after spending 30 years working in the automotive industry, per the release. During time as CEO at Renault, he helped engineer a turnaround, according to a press release announcing his exit. De Meo began his career at Renault before leaving to hold positions at Toyota Europe, Fiat, Volkswagen Group and Audi. He returned to Renault in 2020.
“I would like to thank François-Henri Pinault and the Board of Directors for choosing me to lead Kering into this new phase of development,” de Meo said in the Kering release. “I am approaching this new professional challenge with enthusiasm, eagerness, and confidence, inspired by the strength of the Group’s brands and the expertise of its people. I am convinced that together we will continue to make Kering an essential player in the luxury industry.”
Last year, Kering appointed new CEOs at Saint Laurent, Balenciaga and Gucci. The company also named a new deputy CEO in 2023.
