Renault’s board of directors have accepted Carlos Ghosn’s resignation as the company’s CEO and Chairman.
Former Nissan chairman, Carlos Ghosn, has officially stepped down as the chief executive and chairman of Renault, following a meeting of the company’s board of directors.
Ghosn, still in jail in Japan and recently denied bail once again, decided to voluntarily submit his resignation from his position at the helm of the French car manufacturer. Renault confirmed that it has accepted Ghosn’s resignation and that it has now appointed a new CEO and chairman.
As expected, former Michelin chief executive Jean-Dominique Senard was elected as the new Renault chairman during the board meeting, with Thierry Bollore, who ran the business in Ghosn’s absence, being made Renault’s new chief executive.
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Mr Senard also adopted Ghosn’s position as the chairman of the Renault-Nissan-Mitsubishi alliance following his appointment as CEO.
Carlos Ghosn’s fall from grace
Last November, Nissan‘s board of directors took the decision to sack chairman Carlos Ghosn following his indictment in Japan on charges that he understated his pay.
Nissan’s internal investigation also accused Ghosn of other acts of misconduct including personal use of company assets.
Nissan said its investigation unearthed both Ghosn and former deputy Greg Kelly “reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount.” The misconduct was recorded “over many years.”
The statement continued with: “Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation. We will continue to do so.
“Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures.”
Nissan stresses that the brand’s long-standing partnership with Renault as part of the Renault-Nissan-Mitsubishi Alliance “remains unchanged.”
What will this mean for the future of the Renault-Nissan-Mitsubishi alliance? Let us know your thoughts in the comments…
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