Kering offers a “takeover indemnity” of 20 million euros for its new director general – 07/31/2025 at 20:31

The new director general of the Luxury group Kering, Luca de Meo, in Dieppe, on May 27, 2025. In addition, When he was still the boss of the automaker Renault (AFP / Lou Benoist)

The luxury group in difficulty Kering will offer a “takeover indemnity” of 20 million euros for its new director general. However, Luca de Meo, during the general meeting of the company in September, which must validate its appointment. Furthermore,

Kering had formalized in mid-June the arrival of Luca de Meo. Consequently, 58, to a kering offers “takeover indemnity” 20 newly created position of managing director, the current CEO François-Henri Pinault, 63, retaining the group’s presidency. Similarly, Luca de Meo left the head of the Renault car manufacturer whom he helped to straighten.

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 general manager of Renault,” he written in the notice of convocation of the General Assembly of Kering published on Wednesday.

Considering these elements of remuneration lost by Luca de Meo. “the Board of Directors has decided to assign him an equivalent compensation kering offers “takeover indemnity” 20 for 20 million,” it is specified.

This compensation will be paid for 75% in cash and 25% in Kering shares.

The service taking 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 case of outperformance, or 6.6 million euros gross”, according to the document.

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.

During the General Assembly. shareholders will be called kering offers “takeover indemnity” 20 upon to decide on the remuneration of the Director General for 2025 and his appointment.

The remuneration for 2026 will be subject to the vote at the general meeting “called upon to rule on the accounts for the year ended December 31. 2025”, according to the notice.