Renault SA is under pressure to quickly find a replacement for Chief Executive Officer Luca de Meo after the shock news of his planned departure, as the industry grapples with rising trade tensions and intense competition from Chinese manufacturers led by BYD Co.

Renault Chief Executive Luca de Meo plans to step down in mid-July and pursue new challenges outside the automotive industry, with French newspaper Le Figaro reporting he is set to become the new boss of Gucci-owner Kering.

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