By Gilles Guillaume, Mathieu Rosemain and Mimosa Spencer PARIS (Reuters) -Gucci owner Kering is poised to hire Renault Chief Executive Luca de Meo to help revive the debt-laden luxury conglomerate, five sources said on Monday,

After impressing with his turnaround of French automaker Renault, Luca De Meo is widely expected to be named as the new boss of Gucci owner and luxury powerhouse Kering.

Renault Group has announced that Luca de Meo is stepping down from the position of the CEO, citing a desire to “pursue new challenges outside the automotive sector”. The surprise departure of the Italian automotive executive comes after five rather successful years in the role and will be effective on July 15.