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.

Luca de Meo, a seasoned executive with more than three decades of experience in the automotive industry, is set to take the helm at Kering, the French multinational group renowned for its portfolio of luxury brands.

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.