Renault board maintains Ghosn as CEO, says pay was legal

Chairman and CEO of the Renault Nissan Alliance attends a news conference to unveil Renault's next mid-term stra

Chairman and CEO of the Renault Nissan Alliance attends a news conference to unveil Renault's next mid-term stra

Renault said it has asked its lawyer to continue their assessment of Ghosn's case alongside Nissan's lawyers.

His legal troubles have plunged the future of the alliance he forged between Renault (RNSDF) Nissan (NSANY) and Mitsubishi Motors (MMTOF) into doubt, and cost him the chairmanship of both Japanese carmakers.

DAMAGED by the loss of Carlos Ghosn as its chairman and the residual backlash by investors, Nissan this week took another hit with about 150,000 vehicles recalled for allegedly inadequate testing of new-vehicle braking systems. That total includes what he was paid by Nissan and Renault.

Renault's board meets on Thursday amid mounting pressure to dismiss Ghosn as chairman and CEO. The external directors are set to meet again before next Monday's board meeting, the person said. Nissan says it has not opened the safes but that they may contain evidence against Ghosn, which could be lost if people close to him gained access to the apartment.

Ghosn has denied the allegations.

Under French government pressure, Ghosn had been exploring a deeper tie-up or even a full merger between the alliance partners, despite strong reservations at Nissan. Renault owns 43.4 percent of Nissan, whose reciprocal 15 percent stake in its French parent carries no voting rights.

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Ghosn was charged on Monday in Japan for failing to declare deferred income he had agreed to receive from Nissan, for the five years ending March 2015.

The board of the French automaker Renault said Thursday, December 13, that it was keeping Carlos Ghosn as its chief executive, after an internal review of his pay package found that it had conformed with French law.

"Carlos Ghosn is in some respects the personification of everything the yellow vests despise", said Chris Reynolds, a professor of French studies at Nottingham Trent University in England.

Since his arrest in November 19th on the accusation of alleged financial misconduct including understating personal income and personal use of company money, he has been detailed in Tokyo with his former Nissan representative director, Greg Kelly.

Renault also agreed to jointly investigate with Nissan their alliance's Amsterdam-based holding company called RNBV, according to a person familiar with the matter.

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