PARIS (Reuters) -Renault chief executive Luca De Meo is leaving the carmaker, the company said on Sunday, shortly after paper Le Figaro reported he was set to take over the lead at struggling luxury group Kering.

"Luca de Meo has expressed his decision to step down in order to take on new challenges outside the automotive sector," the company said in a statement.

Kering declined to comment. A person familiar with the thinking of Kering Chairman and CEO Francois-Henri Pinault told Reuters he was actively working on his succession, which includes splitting up the two roles to hire a new chief executive.