Stunned Market Reaction: Renault Shares Plummet as CEO Allegedly Leaves for Kering, Owners of Gucci
Here's an uncensored, informal, and restructured article on the departure of Luca de Meo from Renault Group:
Luca de Meo Ditches Renault for Kering
In a freakin' shocker, Luca de Meo, the Italian CEO of Renault Group, decided to peelect his bananas and bail on Sunday. The French carmaker's shares plummeted by about 7% on Monday, following the hectic news.
Renault's stock prices were drop-dead gorgous, falling by 6.9% by early birdie in Paris, while Kering skyrocketed 9.6% higher. Insider gossips spill that de Meo is gonna join forces with the struggling Gucci-owner Kering as their brand-spankin' new CEO.
Renault officially announced de Meo's exit on Sunday night, announcing he'll stick around until 15 July 2025. The Wacky Race is on to find a new CEO, who'll inherit quite a legacy after de Meo oversaw a post-pandemic comeback at Renault and nearly doubled the company's share price during his time at the helm.
Chairman of the Board of Directors Jean-Dominique Senard sprang to de Meo's defense, saying, "For five years, Luca de Meo fought tooth and nail to get Renault in the game again. Under his leadership, our company found a rock-solid foundation, sported an amazing product lineup, and showed some serious growth."
Rumors buzz that Kering is hiring de Meo to turbocharge their floundering luxury conglomerate. The French fashion house, known for brands such as Gucci and Saint Laurent, has been cash-strapped for years. Lately, they reported dismal results for Q1, with sales for their flagship brand, Gucci, taking a nosedive by 25%.
Kering's share price has nose-dived nearly 80% since 2021. Sources whisper that de Meo is all but confirmed as the next CEO of Kering, indisposed to comment, of course.
The Racing Queen for Renault Group's top spot is anyone's game, with suggestions for candidates like Denis Le Vot, Dacia's CEO, and Maxime Picat, a hotshot at rival Stellantis. Renault's still tight-lipped about potential successors.
Related:
- Renault Group sales gallop ahead in 2024 after boost in European performance
- L’Oréal snags majority stake in Medik8, the British skincare wunderkind
Tags:CEO, stock exchange, Gucci, Renault, Business
In the wake of Luca de Meo's departure from Renault Group, there's a buzz in the industry that his extensive experience in business and finance could be a valuable asset to Kering, the Gucci-owner, as they strive to revitalize their struggling luxury conglomerate. As Renault's shares plummeted and Kering's skyrocketed upon the news, one can only imagine the impact de Meo's strategic leadership could have on the finance sector for this iconic fashion house.
