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.

The luxury group confirmed speculations reported by a number of media outlets this weekend. Pinault will retain his role as Kering chair.