While fixing French carmaker Renault SA, Chief Executive Officer Luca de Meo pursued a hobby that would feed into his next job as CEO of Kering SA: A taste for the finer things in life, particularly Swiss watches.

Can Luca de Meo, known for reviving car brands, rescue Kering? He steps in as CEO to revitalize Gucci and address broader identity issues within the

The appointment of de Meo, 58, marks a big change at Kering, owner of the Gucci and Saint Laurent brands, where François-Henri Pinault, a member of the family that controls the group, has been chair and chief executive for 20 years.

WHO IS HE? De Meo, 58, is from Milan, Italy, and has more than 30 years' experience working in the automotive sector. He graduated from the Luigi Bocconi Commercial University wit

The luxury group confirmed speculations reported by a number of media outlets this weekend. Pinault will retain his role as Kering chair.

A series of delicate issues awaits the Italian executive, who comes from Renault: an unfavorable economic climate, significant group debt and the collapse of sales at flagship brand Gucci. Financial markets have responded positively to the announcement of his appointment.

De Meo's unexpected departure marks the second top-level exit from a European carmaker in six months, after Carlos Tavares resigned from Stellantis.

Under a new arrangement, the role of Chief Executive Officer will be separated from that of Chairman of the Board of Directors, currently held by François-Henri Pinault