After five years at the head of Renault Group, boss Luca de Meo has announced his decision to step down in favour of a job heading up Kering, a French company which owns luxury goods brands including Yves Saint Laurent, Gucci, Balenciaga, and Alexander McQueen.

He is widely regarded as the man who led Renault’s renaissance, including ordering the reborn 5 and 4 electric cars. His departure is effective from July 15 and de Meo will continue to be in charge until that date.

Renault said it has begun the process of appointing a new Chief Executive Officer, who is expected to come from within the Renault-Nissan empire.

Chairman of Renault’s Board of Directors, Jean-Dominique Senard, said: "For five years, Luca de Meo has worked to restore Renault Group to its rightful place. Under his leadership, our company has returned to a healthy foundation, boasts an impressive range of products and has resumed growth. Besides being an exceptional captain of industry, Luca de Meo is also a creative, committed, passionate and inspiring individual.”

Luca de Meo himself said: "There comes a time in one’s life when one knows the job is done. At Renault Group, we have faced immense challenges in less than five years! We have achieved what many thought impossible. Today, the results speak for themselves: they are the best in our history. We have a strong team and an agile organisation. We also have a strategic plan ready for the next generation of products. That is why I have decided it is time for me to hand over the baton…. And the best is yet to come!”