Luca de Meo, a seasoned executive with more than three decades of experience in the automotive industry, is set to take the helm at Kering, the French multinational group renowned for its portfolio of luxury brands.

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.

Gucci parent, Kering, appointed Renault's former CEO, Luca de Meo, as its chief executive, as the company struggles to improve its weak performance.

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

Gucci owner Kering said it was hiring Renault boss Luca de Meo as its new CEO to help revive the debt-laden luxury conglomerate, confirming reports that sent its shares soaring and those of Renault tumbling earlier on Monday.

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.