RENAULT CEO Luca de Meo is to step down on July 15 after five years to join French fashion house Kering, owner of brands including Gucci and Saint Laurent.

RENAULT CEO Luca de Meo

The resignation of Mr De Meo (58) came unexpectedly. He was about to complete his first five-year term that included a robust turnaround and was due to announce a new mid-term strategic plan shortly, but a number of potential successors have already emerged, most from within Renault Group

Renault chair Jean-Dominique Senard praised Mr de Meo’s leadership, saying: “For five years, Luca de Meo has worked to restore Renault Group to its rightful place.

“Under his leadership, our company has returned to a healthy foundation, boasts an impressive range of products and has resumed growth.

“Besides being an exceptional captain of industry, Luca de Meo is also a creative, committed, passionate and inspiring individual.”

Mr de Meo said: “There comes a time in one’s life when one knows the job is done. At Renault Group, we have faced immense challenges in less than five years.

“We have achieved what many thought impossible. Today, 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. I am leaving a transformed company, poised for the future, to apply my experience to other sectors and embark on new adventures.”

The change of leadership at Renault is the third in recent months at a major European car-maker after Volvo CEO Jim Rowan was replaced in March by his predecessor Hakan Samuelsson and Antonio Filosa replacing Carlos Tavares as Stellantis CEO six months after Mr Tavares resigned in December.

Renault is expected to announce Mr de Meo’s successor next month.