Renault CEO sensationally quits car manufacturer

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Renault CEO Luca de Meo has quit his position in the French car manufacturer after five years, with him reportedly set to take the lead role at struggling luxury group Kering.

The remarkable development was first reported by newspaper Le Figaro, with Renault having since confirmed de Meo's exit.

De Meo has been responsible for some recent big changes for the Alpine F1 Team, including Renault's exit as a powertrain supplier at the end of this season.

It has resulted in Alpine (Renault's motorsport division) becoming a Mercedes customer outfit from next season, when the new power unit regulations are introduced.

He was recently seen on the grid at the Spanish Grand Prix with Flavio Briatore, who continues to look after the F1 outfit whilst it searches for a replacement for Oliver Oakes.

"Luca de Meo has expressed his decision to step down in order to take on new challenges outside the automotive sector," Renault said in a statement, as quoted by Reuters.