$23m Welcome Bonus for New Kering CEO
August 11, 25
(IDEX Online) - Kering, the luxury conglomerate that owns high jewelry maisons Boucheron, Pomellato, DoDo, and Qeelin, is paying its new CEO a welcome bonus of EUR 20m (USD 23m).
Luca de Meo, who is currently CEO of Renault Group, will also receive EUR 2.22m (USD 2.6m) gross as his annual fixed remuneration, in addition to substantial performance-related bonuses.
The announcement of the EUR 20m comes from Kering itself, as stated in regulatory filings and communications ahead of the shareholder meeting on 9 September.
Kering, based in France, announced a 46 percent drop in its net first half profits last week, down to EUR 474m and a 16 per cent revenue decrease, to EUR 7.6bn. Watches and jewlery account for around a third of its revenue.
Current Kering CEO, François-Henri Pinault, will stay on as chairman of the board and De Meo will take over the CEO from next month.
Kering said: "These changes will take effect upon the decision of the Board of Directors which will be held following the Shareholder Meeting to be called for September 9, 2025.
"The Shareholder Meeting will notably be asked to appoint Luca de Meo as a Director and to approve the compensation policy corresponding to this new organization. Subject to these approvals, Luca de Meo will take office on September 15, 2025."
Pic of Luca de Meo courtesy Kering.