Luca de Meo has stepped down from his role as CEO of the Renault Group after five years in the role – with reports suggesting he will take over running the firm that owns luxury brands Gucci and Yves Saint Laurent. 

The Italian joined the French company from Seat-Cupra five years ago and quickly launched the bold 'Renaulution' business plan, involving the revival of the Renault 5 as an EV, an influx of new SUVs and the transformation of Alpine into an electric performance brand. The 58-year-old's plan helped revive the firm's fortunes.

The Renault Group said that de Meo had decided to "pursue new challenges outside the automotive sector", adding that the board has agreed he would depart on 15 July. He will continue in his role until then. A hunt for a new group CEO "based on the already defined succession plan" has been launched.

French newspaper Le Figaro and the Financial Times have both reported that de Meo will be named the new CEO of Kering, a French holding company that specialises in luxury goods brands. 

In a statement released by Renault, de Meo said: "There comes a time in one’s life when one knows the job is done." He added that "the results speak for themselves: they are the best in our history.

"We have a strong team and an agile organisation. We also have a strategic plan ready for the next generation of products. That is why I have decided it is time for me to hand over the baton."

De Meo, who won the top Issigonis Trophy at the 2024 Autocar Awards, added that he felt he was leaving "a transformed company" that was "poised for the future". 

Renault Group chairman Jean-Dominique Senard described de Meo as "an exceptional captain of industry", adding that "the entire company joins me in thanking him for all these years and all the collective challenges successfully met".

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De Meo's departure is a major surprise, given that when he had been linked to the role of Stellantis CEO – which was recently filled by Antonio Filosa – he had denied any desire to leave Renault, saying late last year that he still "had a job to do". 

As well as being CEO of Renault, de Meo has recently served as president of the ACEA, the European Automobile Manufacturers Association, in which role he has advocated for a class of small European city cars to take on cheaper Chinese rivals.