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.Luca de Meo will be appointed to the job in the coming days,

After impressing with his turnaround of French automaker Renault, Luca De Meo is widely expected to be named as the new boss of Gucci owner and luxury powerhouse Kering.

Kering SA is set to name the chief executive officer of Renault SA as its next CEO, looking to an Italian manager who’s turned around the French automaker to perform a similar role at the owner of the struggling Gucci fashion label.