Kering Appoints Luca de Meo as CEO Amid Strategic Shift

Luca de Meo has been appointed as the new Chief Executive Officer of Kering, effective September 11, 2023. Shareholders overwhelmingly supported his appointment, with 98.97% voting in favor during a recent meeting. This decision follows the separation of the roles of chairman and CEO, which had been held by François-Henri Pinault for the past two decades. Pinault will continue as chairman of the board.

WWDHammerson names Rob Wilkinson its new CEOHuibert Vigeveno Appointed as New Group CEO at MET Group

In his first public address since his nomination, de Meo outlined his intention to implement a turnaround strategy for Kering before the end of 2023. He plans to present a detailed strategic plan to shareholders in the spring of 2024. De Meo, who previously served as CEO of Renault, emphasized the need for a fresh perspective to navigate the challenges facing the French luxury group.

WWD

De Meo's compensation package includes a fixed annual salary of €2.2 million, with an additional variable remuneration of €1.21 million, contingent on his performance and strategic progress. Additionally, shareholders approved a resolution to raise the age limit for the chairman and CEO positions, allowing for greater flexibility in leadership succession.

WWD

The search for a new CEO involved a thorough process, with Kering reviewing 40 candidates before narrowing it down to five finalists. Board member Serge Weinberg highlighted de Meo's extensive experience in the luxury sector, including roles at Ducati and Lamborghini, as key factors in his selection. Weinberg praised de Meo's integrity, team spirit, and listening skills, which he believes will be vital for Kering's future.

WWD

Despite the positive reception of de Meo's appointment, some analysts express skepticism regarding the challenges he will face in revitalizing Kering's brand portfolio, which has struggled in recent years. Critics argue that the luxury market is increasingly competitive, and de Meo will need to act swiftly to regain market share.

WWD

François-Henri Pinault remarked on the transition, stating, “I am ready to hand over the baton to someone with a fresh outlook.” De Meo expressed his enthusiasm for the role, stating, “I look forward to working with the talented team at Kering to build on the company’s strong foundation.”

WWD

As de Meo prepares to take the helm, stakeholders will be closely monitoring his strategic initiatives and their impact on Kering's performance in the luxury market. The upcoming presentation of his detailed strategy in spring 2024 will be a critical moment for the company as it seeks to redefine its position in the industry.

WWD