STORY: Renault is beginning the search for a new boss. That’s after current Chief Executive Luca de Meo agreed to make a surprise move to Gucci-owner Kering. He’s due to be gone by mid-July. The news sparked a tumble for Renault shares on Monday,

The former chief executive of the carmaker Renault will replace Francois-Henri Pinault as the struggling company seeks a turnaround.

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

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.

Luca de Meo, who joins the struggling luxury firm from car maker Renault, will succeed François-Henri Pinault, who will remain chairman of the board.

The following is a timeline of the major events in the French luxury fashion group's history. 1962 - Francois Pinault founds Etablissements Pinault, a timber trading company based in Rennes that will transform into Kering.

Luca de Meo, who resigned from carmaker Renault on Sunday, is widely tipped to succeed François-Henri Pinault at the management helm of the French luxury group.