Shares of Renault Group plummeted by over 6% on Monday after the carmaker announced that its CEO, Luca de Meo, will leave the company after five years at the head of it to "pursue new challenges outside the automotive sector."
The company stated that de Meo's departure will be effective on July 15, adding that it has initiated the process of appointing a new CEO. "Leading Renault Group has been a privilege. It has been a human and industrial adventure that only happens once in a lifetime. For this, I will always be grateful to the women and men of this company - the ‘Renaulutionnaires’ - for their passion, their commitment, and their conviction," de Meo said in a statement. Meanwhile, French news outlet Le Figaro reported that de Meo will join luxury group Kering as CEO.
Renault's stock plunged 6.41% at 9:05 am CET to go for €40.28 apiece.
