Renault SA said Italian executive Luca de Meo will step down as chief executive on 15 July, ending a five-year tenure during which he steered the French carmaker through a turnaround and deep cost cuts. Luxury group Kering SA later confirmed that de Meo will become its chief executive on 15 September, with current chairman François-Henri Pinault retaining the chairmanship as the company splits the two roles for the first time. De Meo will be the first outsider to run the family-controlled company, which is seeking to reinvigorate flagship label Gucci after a prolonged sales slump. Investors welcomed the move at Kering, sending its Paris-listed shares up as much as 12 percent and closing 11.8 percent higher, the steepest one-day gain in almost two decades. Renault stock fell about 7 percent, wiping roughly €890 million off its market capitalisation amid concerns over the automaker’s succession plan. Analysts credit de Meo with almost doubling Renault’s market value and stabilising its partnership with Nissan. His immediate task at Kering will be to revive growth at Gucci, Saint Laurent and other brands. Renault’s board has begun the search for a new chief executive, with long-time insider Denis Le Vot and Stellantis executive Maxime Picat among names floated by analysts.