Luca de Meo's departure from Renault likely to cause near-term uncertainty as analysts debate whether it will impact its growth strategy and make investors cautious.

The struggling French luxury group is set to name Renault Chief Executive Luca de Meo as CEO, replacing Francois-Henri Pinault, people familiar with the matter said.

The former chief executive of the carmaker Renault will replace Francois-Henri Pinault as the struggling company seeks a turnaround.

Luca de Meo's abrupt departure as Renault CEO has kicked off a search for his successor, with analysts mentioning longtime insider Denis Le Vot and Maxime Picat of rival Stellantis as suitable fits to continue the French automaker's turnaround.

Luca de Meo, Renault’s CEO, is the powerhouse of the European car industry. Five years ago – in the summer of Covid-19 – he was appointed to salvage the French car maker, which had just posted a 7.3-billion Euro loss (more than £6 billion).

Luca de Meo, who resigned from carmaker Renault on Sunday, is widely tipped to succeed François-Henri Pinault at the management helm of the French luxury group.