Core Viewpoint - Kering Group has appointed Luca de Meo as the new CEO, marking a significant governance change as the role transitions from founder François-Henri Pinault to a professional manager, while Pinault retains the position of Chairman of the Board [1][2] Group 1: Leadership Change - The decision to appoint Luca de Meo was driven by François-Henri Pinault, who aims to separate the roles of Chairman and CEO as part of a major governance reform [2] - The announcement led to an 11.76% increase in Kering's stock price, while Renault's stock fell by 8.69% on the same day [1] Group 2: Luca de Meo's Background - Luca de Meo has nearly 30 years of experience in the automotive industry, having worked for major companies like Renault, Toyota, Fiat, and Volkswagen [3] - He became CEO of Renault in July 2020 during a period of significant losses, leading the company to a turnaround with a net income of €2.8 billion in 2024, compared to a loss of €8 billion in 2020 [3] Group 3: Industry Context - The luxury goods industry is undergoing a transformation, moving from a focus on scarcity to a need for systemic innovation and customer engagement [4][5] - The proportion of cross-industry executives in luxury goods has increased from 25% in 2019 to 40% in 2023, indicating a trend towards hiring leaders from non-luxury sectors to drive innovation [5] - The appointment of de Meo reflects Kering's strategy to address current challenges in the luxury market by integrating new perspectives and management styles [6]