Luca de Meo is to step down as chief executive of Renault, as Kering hires the 58-year-old Italian to spearhead a turnaround of the struggling French luxury group, according to people briefed on the plan.
The appointment marks a sharp break with established practice at Kering, owner of the Gucci and Saint Laurent brands, which has been led by a member of the controlling Pinault family for two generations.
The company’s poor performance in recent years has raised questions about its management and strategy.
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