Renault has announced that Luca de Meo will continue as the company’s head for a second four-year term, despite opposition from more than a quarter of shareholders. The Renault board of directors unanimously renewed de Meo’s mandate until May 2028, but 27.87% of shareholders voted against the increase in his remuneration, which could reach 5.53 million euros annually.
According to Renault management, the increase in de Meo’s salary is necessary to ensure competitiveness in the automobile industry. In addition to his fixed salary, de Meo will also receive performance shares paid over the long term, adding over 5 million euros to his compensation.
Under de Meo’s leadership since taking over as CEO in 2020, Renault has undergone significant changes. He reorganized the company and ended its alliance with Nissan, increasing collaborations with other players in various sectors. As a result, Renault has seen record profits, with a focus on electric vehicles and new product launches.
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