Yet in financial difficulty, Kering intends to open his portfolio very very very very to welcome Luca de Meo. The luxury group will offer a “takeover indemnity” of 20 million euros for its new director general, during the general meeting of the company in September which must validate its appointment and remuneration.
Kering had formalized in mid-June the arrival of Luca de Meo, 58, to a newly created position of managing director, the current CEO François-Henri Pinault, 63, retaining the group’s presidency. Luca de Meo left the head of the Renault car manufacturer whom he helped to straighten.
An age limit soon pushed?
On September 9, Kering shareholders will also be called upon to rule on an extension of the age limit of the president from 65 to 80 years old and the director general from 65 to 70 years.
“By accepting the functions of director general of Kering, Luca de Meo has lost the benefit of long-term variable remuneration elements which had been awarded to him as his previous functions as director general of Renault,” he written in the notice of convocation of the General Assembly of Kering published on Wednesday.
A fairly rare “golden hello” in France
Esing 20 million euros these remuneration elements lost by Luca de Meo, “the board of directors decided to award him an equivalent size allowance,” it is specified. This compensation will be paid for 75 % in cash and 25 % in Kering shares. The taking office indemnity, also called “Golden Hello” is quite rare in France but more widespread in Anglo-Saxon countries.
The annual fixed remuneration proposed for the director general of Kering is 2.2 million euros gross. In addition, there is a variable remuneration, which in 2026 will represent, if the objectives are achieved, “220 % of the annual fixed remuneration, or 4.84 million euros gross, and capped at 300 % in the event of outperformance, or 6.6 million euros gross”, according to the document.
Our economy file
Kering announced on Thursday a fall of 46 % of its net profit in the first half, at 474 million euros, and a dive of 16 % of its turnover, at 7.6 billion euros.
