(Reuters) -Gucci owner Kering is set to hire Renault Chief Executive Luca de Meo, five sources told Reuters on Monday, in a move that will see de Meo pivot from the automotive to the luxury sector. Below are examples of other CEOs who switched industries, along with the stories of how they fared:
ANGELA AHRENDTS
To: Apple (Technology)
From: Burberry (Luxury fashion)
Ahrendts became Senior Vice President of Retail at Apple in 2014 after previously holding the CEO position at luxury fashion retailer Burberry. Ahrendts became one of Apple’s top-paid executives and led a redesign of the company’s retail stores before leaving Apple in 2019.
ROSALIND BREWER
To: Walgreens Boots Alliance (Healthcare retail)
From: Starbucks (Food and beverage retail)
Brewer became CEO of Walgreens Boots Alliance in 2021, joining the company after a five-year stint at Starbucks. During Brewer’s tenure at Walgreens its stock fell roughly 47% as the company tried to broaden its reach as a healthcare provider and struggled with the sharp decline in demand for COVID tests and vaccines. Brewer stepped down from Walgreens in 2023.
LOU GERSTNER
To: IBM (Technology)
From: RJR Nabisco (Consumer goods)
Gerstner moved to IBM from RJR Nabisco in 1993 after stints at American Express and the consultancy firm McKinsey. He is credited with radically changing the culture and focus of the business while slashing expenses, selling assets and repurchasing stock. Gerstner retired as CEO of IBM in 2002, with stock some 800% higher than when he had started.
RON JOHNSON
To: J.C. Penney (Retail)
From: Apple (Technology)
Johnson moved to J.C. Penney from Apple in 2011. The company faced severe sales declines the following year, falling 25 percent in the first year of Johnson’s plan to revamp the business, which did away with the coupons that brought in loyal shoppers and aimed to refashion stores into collections of branded boutiques. Johnson was fired in 2013.
DARA KHOSROWSHAHI
To: Uber (Ride sharing)
From: Expedia (Online travel)
Khosrowshahi left Expedia, where he had been CEO since 2005, for Uber in 2017. He inherited a difficult situation from his predecessor Travis Kalanick including lawsuits, a U.S. Department of Justice investigation into possible violations of bribery laws and allegations of sexual harassment.
ALAN MULALLY
To: Ford (Automotive)
From: Boeing (Aerospace)
Mulally became CEO and President of Ford in 2006 after serving as CEO of Boeing’s commercial aircraft division from 1998 to 2006. He is credited with a revamp of Ford that helped the company weather some of the risks of the 2008 financial crisis better than competitors such as General Motors and Chrysler.
LAXMAN NARASIMHAN
To: Starbucks (Food and beverage retail)
From: Reckitt Benckiser (Consumer health)
Narasimhan moved to Starbucks from Reckitt Benckiser in 2022. He had previously held positions at PepsiCo after a 19-year stint at consultancy firm McKinsey. Narasimhan was brought in to “reinvent” Starbucks amid increased competition and weakening demand in the U.S. and China. Instead, its stock price faltered during his year-and-a-half-long tenure, losing around one-quarter of its value.
ROBERT NARDELLI
To: Home Depot (Home improvement retail)
From: General Electric (Industrial)
Nardelli moved to Home Depot from General Electric in 2000 despite having no prior experience in retail. He resigned from Home Depot in 2007, becoming chairman and CEO of automotive company Chrysler later that year. He announced his departure from Chrysler in 2009 on the same day as the company filed for Chapter 11 bankruptcy.
INDRA NOOYI
To: PepsiCo (Food and beverage)
From: ABB (Electrical engineering)
Nooyi joined PepsiCo in 1994 as senior vice president for strategic planning and rose through the ranks to become CEO in 2006, remaining in the position for 12 years.
WILLAM PEREZ
To: Nike (Apparel and footwear)
From: S.C. Johnson (Consumer goods)
Perez moved to Nike from an eight-year tenure as CEO and President of S.C. Johnson in 2004. In January 2006 he announced he was leaving Nike due to disagreements with Nike co-founder Phil Knight on how the company should be run.
JOHN SCULLEY
To: Apple (Technology)
From: PepsiCo (Food and beverage)
Sculley moved to Apple from PepsiCo in 1983. He spent a decade at Apple before relinquishing the post as CEO in 1993, leaving the position of chairman as well later that year.
CAROL TOME
To: UPS (Logistics and transportation)
From: Home Depot (Home improvement retail)
Tome was named CEO of UPS in 2020 after her retirement from the role of CFO at Home Depot in 2019. She had worked at Home Depot for 24 years and had been on the board of UPS since 2003.
MEG WHITMAN
To: eBay (E-commerce)
From: Hasbro (Toys and entertainment)
Whitman joined eBay from Hasbro when the company was in its infancy in 1998. Whitman moved from eBay to the more hardware-focused technology company Hewlett-Packard in 2011. In 2018 she became CEO of short-form content app company Quibi, which wound down its operations in 2020 after failing to attract subscribers.
(Reporting by Bernadette Hogg; Editing by Matt Scuffham)
Comments