The boss of French state-backed car giant Renault has quit unexpectedly after warning that European manufacturers were struggling to compete with cut-price Chinese rivals.

De Meo plans to pursue new challenges outside the automotive industry after having led the carmaker for five years.

Despite recent divestments, Nissan's CEO insists the move from Renault is strategic, not a breakup. Discover what this means for the future of their enduring automotive alliance.

Reports of de Meo’s switch to Kering sent the luxury group’s shares up by nearly 12% on Monday, recording their biggest one-day percentage gain since November 2008.

Renault CEO Luca de Meo will be departing the company in mid-July to take over as CEO of Kering, the French luxury conglomerate.

TOKYO (Reuters) -Nissan Motor CEO Ivan Espinosa said the automaker plans to reduce its stake in French partner Renault, the Nikkei business newspaper reported on Monday. Nissan and Renault had said in March they had agreed to reduce their required minimum stake in each other to 10% from 15%.

Nissan Motor reportedly plans to trim its stake in French partner Renault in order to invest more in new vehicle development. In an interview with Nikkei, Nissan CEO Ivan Espinosa emphasised that the Japanese automaker's collaboration with Renault would continue to be robust,

An activist investor has built a stake in the lingerie retailer, with plans to push the company to refresh its board and refocus on its [core bra business](