Kering to pay new CEO Luca de Meo signing-on bonus of around 20 million euros as he leaves Renault

Kering will propose a 20 million euros ($22.89 million) signing-on bonus for its new CEO Luca de Meo, adding to an annual fixed income of 2.2 million euros and a variable income of up to 6.6 million euros depending on performance, the company said in regulatory filings.

Kering said this payment would compensate an estimated, similar amount of money lost by de Meo after he decided to leave Renault.

"As a result, the board of directors has decided to award him a sign-on bonus of an equivalent amount," the company added in a document published ahead of its September shareholder meeting.


Kering also plans to pay de Meo performance shares worth 150% of his annual remuneration, fixed and variable, it added in regulatory filings published late on Wednesday.

(1 euro = 100.20 INR)