Luca de Meo enters the former Hôpital des Incurables, known as Laennec, to take charge at Kering. Gathered for a general meeting at the headquarters of the luxury group owned by the Pinault family, located on Rue de Sèvres in Paris's 7th arrondissement, shareholders are set to vote on Tuesday, September 9, to approve the former Renault chief's appointment as board member and to ratify the terms of his compensation as CEO. The result will be unsurprising: 59.3% of voting rights are held by Artémis, the Pinault family's holding company. De Meo, who will receive a €20 million bonus – 75% in cash and the rest in Kering shares – and an annual fixed salary of €2.2 million, will officially take up his duties on Monday, September 15.
François-Henri Pinault, son of François Pinault, founder of PPR (renamed Kering in 2013), is handing over the reins he has held since 2005. After dismantling the retail conglomerate once known for its La Redoute catalog, the Printemps department stores, Fnac and Conforama, and transforming it into a "pure player in luxury" focused on brands such as Gucci, Saint Laurent, Balenciaga and Bottega Veneta, Pinault, now 63, is stepping back. However, he will remain chair of the board of directors and, as he has said, will continue to oversee "major strategic orientations."
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