Renault boss Carlos Ghosn has resigned - French economy minister

Ghosn resigns as CEO of Renault two months after arrest

Ghosn resigns as CEO of Renault two months after arrest

France's finance minister says that Carlos Ghosn, who is fighting breach of trust and other charges in Japan, has resigned as head of Renault. Regarding the former, the board co-opted Jean-Dominique Senard as the new chairman of the board and director at Renault.

Acting from the Japanese prison where he is being held, Ghosn has relinquished his last official foothold on the leviathan multi-brand alliance that he is largely responsible for shaping.

The French government, Renault's biggest shareholder, confirmed the board was being asked to name outgoing Michelin boss Jean-Dominique Senard as chairman and Ghosn's deputy Thierry Bollore as chief executive.

Nissan has since issued a statement regarding the managerial changes at Renault, with company CEO Hiroto Saikawa saying, "We welcome these management changes at Renault". He told reporters at Nissan's headquarters in Yokohama: "This is a first step as we turn a page in the alliance".

Renault's board of directors also made a decision to put in place a new governance structure, one that will separate the functions of chairman of the board and CEO. Director Greg Kelly and Nissan itself have also been charged by Japanese authorities. It's rumored senior Nissan executives were against Ghosn's push for a full merger of Nissan with Renault. He denies Japanese allegations that he under-reported income as chairman of Nissan and falsified financial reports. He denies any wrongdoing and could remain in custody for months after his application for bail earlier this week was denied.

The French government owns about 15 percent of Renault SA, making it an influential voice in its handling.

Hong Kong housing ranked world’s least affordable for 9th year
House prices are falling rapidly in Sydney, Melbourne and Perth, although there are different factors at play across the ditch. Based on Demographia's definition, a city with a median multiple of 5.1 or above is considered "severely unaffordable".

"Our goal from the beginning of this case has always been to preserve Renault's interests and consolidate the alliance between Renault and Nissan", Le Maire said.

The future of the Renault-Nissan-Mitsubishi alliance has been thrown into doubt with the arrest of Ghosn, who is widely credited with reviving Nissan and fusing together two vastly different corporate cultures.

With a ready smile and elegant attire, Senard has successfully negotiated sensitive labour agreements with trade union leaders in Michelin's French factories to preserve jobs in the face of cheaper imported Asian products.

Yet on Tuesday, Le Maire laid out a different vision.

Ghosn resigned on Thursday following his arrest in Japan amid the financial scandal that has rocked the French carmaker and its alliance with Japan's Nissan.

Senard said he had two major priorities: to "propose new governance for the group" in the coming weeks and to ensure that the link between Renault, Nissan and Mitsubishi "remains strong".

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.