Kering to Award €20 Million Welcome Bonus to New CEO Luca de Meo

Kering SA is set to award a €20 million ($22.8 million) sign-on bonus to Luca de Meo when he takes over as chief executive officer of the Gucci parent company in mid-September.

The fashion company is compensating De Meo for giving up part of his long-term remuneration when he left his previous role as Renault SA CEO, according to a shareholder notice this week. The award will be paid partly in cash and Kering shares.