Renault Chief Executive Luca de Meo plans to step down in mid-July and pursue new challenges outside the automotive industry, with French newspaper Le Figaro reporting he is set to become the new boss of Gucci-owner Kering.

Kering SA is set to name the chief executive officer of Renault SA as its next CEO as the Gucci owner shakes up its governance following a share price slump.

The French luxury group that owns brands such as Gucci, Saint Lauren and Balenciaga, makes an out-of-the-box appointment to revive its flagging sales