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Kering Names Automotive Exec as Its New CEO
Luca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
Kering has named former automotive executive Luca de Meo as its new CEO.
Paris—Kering has named Luca de Meo as its new CEO as longtime CEO François-Henri Pinault steps down.
Kering’s board of directors, chaired by Pinault, approved the appointment.
The Milan native has more than 30 years of experience in the automotive industry, working with several well-known companies and brands, including Renault, Toyota Europe, Fiat, Alfa Romeo, Volkswagen, and Audi.
Most recently, he served as CEO of French automaker Renault as well as CEO of Ampere, which specializes in zero-emission and software-defined vehicles. He was also president of the European Automobile Manufacturers' Association.
A shareholder meeting will be held on Sept. 9 to affirm De Meo’s appointment and approve his compensation. Subject to approval, he will take on the role of CEO on Sept. 15.
The move was initiated by Pinault, said Kering, and “marks a decisive step in the evolution of Kering's governance and strengthens the group's leadership as it enters a new phase of its development.”
Pinault will remain in his role as chairman of the board. This role will be separated from the CEO position as part of a new governance structure, said the company.
Related stories will be right here …
Kering’s board of directors, chaired by Pinault, approved the appointment.
The Milan native has more than 30 years of experience in the automotive industry, working with several well-known companies and brands, including Renault, Toyota Europe, Fiat, Alfa Romeo, Volkswagen, and Audi.
Most recently, he served as CEO of French automaker Renault as well as CEO of Ampere, which specializes in zero-emission and software-defined vehicles. He was also president of the European Automobile Manufacturers' Association.
A shareholder meeting will be held on Sept. 9 to affirm De Meo’s appointment and approve his compensation. Subject to approval, he will take on the role of CEO on Sept. 15.
The move was initiated by Pinault, said Kering, and “marks a decisive step in the evolution of Kering's governance and strengthens the group's leadership as it enters a new phase of its development.”
Pinault will remain in his role as chairman of the board. This role will be separated from the CEO position as part of a new governance structure, said the company.
"After twenty years of transforming Kering into a major global luxury player, the group is ready for a new stage in its development,” said Pinault.
Pinault said he had begun to rethink the company’s governance in 2023 and later met 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,” said Pinault.
“It is with complete confidence that I am handing over the leadership of Kering and our teams to Luca. I will of course be at his side to accompany him in this new phase, as chairman of the board of Kering.”
Pinault took over as CEO in 2005 when the company was known as PPR, short for Pinault Printemps Redoute. The company started going by Kering in 2013, as per its website.
De Meo thanked Pinault and the board of directors for choosing him as Kering’s next leader.
“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,” said de Meo.
“I am convinced that together we will continue to make Kering an essential player in the luxury industry.”
During his five-year tenure as CEO of Renault, de Meo is credited with turning the company around, as per a Reuters report.
Kering is facing struggles of its own. While its jewelry brands, which include Boucheron and Pomellato, have performed well in recent quarters, its star brand Gucci continues to struggle and weigh on its balance sheet.
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