The head of Renault’s budget brand Dacia, Denis Le Vot, is a frontrunner to become chief executive at the French carmaker, following the shock announcement of Luca de Meo’s exit for luxury group Kering.

The luxury group confirmed speculations reported by a number of media outlets this weekend. Pinault will retain his role as Kering chair.

“Luca de Meo's departure is unequivocally a blow to Renault ,” said Stephen Reitman, automotive analyst at the bank Bernstein, of de Meo’s decision to leave the industry altogether for the luxury goods world, specifically as head of Gucci owner Kering. “We are saddened by the loss,” he added.

The departure from Renault of chief executive Luca de Meo changes nothing for the French carmaker's Alpine Formula One team, de facto principal Flavio Briatore told Reuters on Sunday.Renault announced