Renault Group boss Luca de Meo has been named the most powerful person in the automotive industry after topping Autocar Business’s Power List 100 rankings for 2023, sponsored by Keyloop.
De Meo has been recognised for his tenacity and business acumen, which have allowed him to drag an ailing Renault Group back to financial competitiveness. When he joined Renault in 2020, it was in one of the deepest financial holes ever faced by a global automotive company after losing €8bn the previous year.
Despite the pressures of the pandemic, de Meo led Renault to scrape a profit in 2021, before doubling it to €2.6bn in 2022 on a margin of 5.6%. While healthy for a large-volume player like Renault, it was in 2023 that the company broke its all-time margin record of 7% with a 7.6% result on profits of €2.12bn.
De Meo’s competence and willingness to make tough decisions, such as shifting the company’s launch focus to bigger segments, has given Renault the ability not just to survive but to strongly compete in a fast-changing market beset by challenges.
Autocar editor Mark Tisshaw said: “It is always difficult to rank such high-performing individuals, but careful consideration of our criteria and the drive and talent of those on this list make for an impressive roster of innovative automotive figures.
“Luca de Meo’s improbable climb to the top of this chart is testament to the extraordinary turnaround he has achieved at the Renault Group, negotiating a series of unique bear traps that might have undone a lesser executive. His pragmatic approach to the alliance with Nissan and his judicious decisions made in the wake of the Russian invasion of Ukraine are testament to his position at the top of our Power List 100.
“The fact that 20% of our top 10 powerbrokers operate from China also shows how rapidly this industry is changing due to new technologies, environmental concerns and shifting influence dynamics.”
Download the full Autocar Power List 100 magazine here
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