RENAULT BOSS DE MEO QUITS – The quit saw Kering shares up and Renault down 

Renault CEO Luca de Meo is leaving the French carmaker to pursue a role outside the auto industry, the company said on Sunday, and newspaper Le Figaro reported he would become the new chief executive of Gucci-owner Kering.

De Meo turned around the troubled French automaker in his five years at the helm, overhauling its two-decade-long strategic alliance with Nissan and doubling down on hybrid motors while shifting towards electric vehicles.

The Italian will replace Kering CEO Francois-Henri Pinault, whose family controls the heavily indebted luxury conglomerate and who has been leading it for 20 years, Le Figaro reported.

Renault said in a statement that “Luca de Meo has expressed his decision to step down in order to take on new challenges outside the automotive sector”.

De Meo will leave Renault in mid-July, Renault added. The French state holds a 15% stake in the company.

If confirmed, de Meo’s move to Kering, which has lately failed to convince stock market investors of its plans to turn around its Gucci label, would mark a dramatic change at the group. Pinault would remain Kering’s chairman.