F1 News: Renault CEO Luca de Meo resigns could impact Alpine

In a shock move, CEO Luca de Meo is leaving Renault. He will become CEO of the luxury group Kering, whose CEO, François-Henri Pinault, has decided to step back.

On Sunday, Renault released a statement saying the 58-year-old Italian had decided to step down from his role “to pursue new challenges”.

De Meo was a big backer of the Alpine F1 team and with him leaving, it remains to be seen if the Alpine F1 team now gets sold as previous rumors have suggested.

The Renault board accepted his resignation, which after a 30-day notice will come into effect on 15 July. De Meo will remain in his role until then as the board identifies a successor.

“There comes a time in one’s life when one knows the job is done,” De Meo was quoted as saying.

“Today, the results speak for themselves: they are the best in our history. We have a strong team and an agile organization. We also have a strategic plan ready for the next generation of products.

“That is why I have decided it is time for me to hand over the baton. I am leaving a transformed company, poised for the future, to apply my experience to other sectors and embark on new adventures.”

Oliver Oakes recently resigned as head of the Alpine DF1 team. Did he know de Meo was going to resign?