French luxury group and Gucci-owner Kering has announced the appointment of former Renault CEO Luca de Meo as the new chief of the group. The strategic move strengthens the group's leadership and supports its growth trajectory.

Kering SA shares surged as the owner of the struggling Gucci fashion label prepares to name the chief executive officer of Renault SA as its next CEO in a bid for a turnaround.

Shares of Kering jumped Monday after reports trickled out beginning Sunday that Kering planned to tap Luca de Meo as its new CEO. The stock closed 13.5% higher. The Paris-based co