Renault Kicks Off CEO Search
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PARIS (Reuters) -Renault chief executive Luca De Meo is leaving the carmaker, the company said on Sunday, shortly after paper Le Figaro reported he was set to take over the lead at struggling luxury group Kering.
Luca de Meo's departure from Renault likely to cause near-term uncertainty as analysts debate whether it will impact its growth strategy and make investors cautious.
News of Renault Chief Executive Luca de Meo's decision to leave the French carmaker and sources saying he is being lined up to take charge at luxury goods group Kering has created a stir across their respective sectors.
The boss of French state-backed car giant Renault has quit unexpectedly after warning that European manufacturers were struggling to compete with cut-price Chinese rivals.
Renault SA tumbled the most since July as Chief Executive Officer Luca de Meo prepared to leave the French automaker and join Kering SA as its next leader.
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The Italian De Meo was at the helm of the French car brand for five years. He remains true to the "lifestyle" theme and moves to the luxury fashion group Kering.
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