Gucci owner Kering appoints de Meo
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Gucci parent, Kering, appointed Renault's former CEO, Luca de Meo, as its chief executive, as the company struggles to improve its weak performance.
Shares of Kering, the luxury-goods company behind Gucci, Yves Saint Laurent and other brands, rallied as much as 10% on Monday after reportedly luring Renault’s chief executive to run the company.
The former chief executive of the carmaker Renault will replace Francois-Henri Pinault as the struggling company seeks a turnaround.
De Meo's unexpected departure marks the second top-level exit from a European carmaker in six months, after Carlos Tavares resigned from Stellantis.