Shares of French luxury giant Kering surged over 10% following reports that Renault CEO Luca de Meo is set to become Kering’s next chief executive. De Meo, known for revitalizing Renault, will step down by July 15 to pursue opportunities outside the automotive industry. His move caused Renault shares to fall 7%, while Kering’s shares gained significantly amid investor optimism. Kering has faced challenges with declining demand and profits, and leadership changes are underway as the company seeks renewed growth.