Renault SA Announces CEO Departure
Renault SA, a French automobile company listed on the Paris Stock Exchange, has announced that its CEO Luca de Meo will be stepping down after five years in the position. According to a company statement, de Meo has decided to pursue new challenges outside the automotive sector.
Share Price Impact
Following the announcement, Renault’s share price declined by approximately 8% in value. The decline is attributed to the uncertainty surrounding de Meo’s departure and its potential impact on the company’s future direction.
Kering Appoints de Meo as New CEO
In a separate development, Kering’s shares surged by around 11% reportedly due to the French luxury group’s plans to appoint Luca de Meo as its new CEO. The move is expected to bring significant experience and expertise in the luxury sector to Kering.
Nissan to Reduce Stake in Renault
As part of a previously agreed deal between Renault and Nissan, the Japanese automaker is planning to reduce its stake in Renault. The exact terms of the deal have not been disclosed.
Key Developments
- Renault’s share price declined by approximately 8% following the announcement of Luca de Meo’s departure.
- Kering’s shares surged by around 11% reportedly due to the appointment of Luca de Meo as its new CEO.
- Nissan is planning to reduce its stake in Renault as per a previously agreed deal.