Renault shares fell 8% on news that CEO Luca de Meo will step down from the French carmaker on July 15, with sources telling Bloomberg that de Meo could take the CEO job at Kering, the owner of fashion brands including Gucci and Balenciaga.
De Meo has pulled Renault out of a difficult period in recent years, nearly doubling its stock price, while Kering has been struggling, in particular due to a decline in demand for Gucci in China.
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