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00:02Shares at French luxury group Kering jumped over 10% on Monday after reports emerged that Renault CEO Luca DeMeo is set to become the company's next chief executive.
00:11Renault confirmed Sunday that CEO Luca DeMeo will step down by July 15th to pursue opportunities outside the automotive sector, according to CNBC.
00:19Kering shares rose 10.4% in London trading, while Renault shares fell 7% as investors reacted to reports of Luca DeMeo's move.
00:26DeMeo is credited with turning around Renault and has over 30 years of auto industry experience in Toyota, Fiat, and Volkswagen.
00:33Kering has struggled in the luxury sector, but shares down over 60% in two years due to profit warnings and declining demand for its Gucci brand.
00:40Kering CEO and Chairman Francois-Henri Penalt is preparing for succession after two decades in both roles, according to Reuters.
00:48He reportedly plans to separate the CEO and chair positions, though it's unclear if he will stay on his chair.
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00:56Kering
