Luca De Meo at Kering: a €20 million job

Kering's shareholders' meeting is expected to approve the appointment of Italian Luca de Meo , from Renault, as CEO on Tuesday, September 9. François-Henri Pinault will retain the chairmanship of the group's flagship brand, Gucci. The vote will come as no surprise, as the Pinault family, through its holding company Artémis, owns 42.3% of Kering's capital and 59.3% of the voting rights.

Luca de Meo, who has spent his entire career in the automotive industry, had been at the helm of French automaker Renault for five years . He had just begun his second term a year ago and is leaving the car group at the worst possible time for achieving its objectives.

His fall transfer is very lucrative! Kering shareholders are being asked to decide on a €20 million "start-up allowance." A significant promotion for someone who, at Renault, had already raised the stakes in an unprecedented manner. He thus received nearly €13 million in 2024.

At Kering, in addition to this €20 million entry bonus, his fixed monthly salary will amount to €2.2 million. To this must be added a variable annual compensation that could range from €1.2 million to €6.6 million "in the event of outperformance." The amount of his annual salary is thus also estimated at €20 million!

Luca de Meo is expected to take up his duties on September 15 at the group, which announced in July a 46% drop in its net profit in the first half.