Gucci owner Kering said it was hiring Renault boss Luca de Meo as its new CEO to help revive the debt-laden luxury conglomerate, confirming reports that sent its shares soaring and those of Renault tumbling earlier on Monday.

The report said Kering would split the chairman and CEO positions currently held by Pinault, who belongs to the family that controls the group and has held the joint roles for 20 years.