Economy

Carlos Ghosn Resigns From Renault

Carlos Ghosn Resigns From Renault

Carlos Ghosn, who is now incarcerated in Japan, resigned as the boss of Renault on Thursday.

A senior director from the firm "received last night the letter of resignation from Carlos Ghosn", Le Maire said.

Le Maire also said France would be "extremely vigilant" concerning Ghosn's exit payout.

Paris - Renault has named two experienced French motor industry executives to replace arrested boss Carlos Ghosn, signalling the start of a new era for the French carmaker and its vital but strained alliance with Nissan and Mitsubishi. Ghosn has also denied a separate breach of trust charge over personal investment losses he temporarily transferred to Nissan in 2008. A new structure for the company was agreed, including the separation of the roles of chairman and CEO.

He said Nissan plans an extraordinary general shareholders' meeting, likely sometime mid-April, to dismiss former Chairman Carlos Ghosn and director Greg Kelly as board members. Instead, the French vehicle giant had handed day-to-day operations to Mr Bolloré, who now takes the role permanently.

The 64-year-old executive has been seen in public only once since his arrest on November 19 stunned the business world - in a dramatic courtroom appearance where he passionately denied the charges and declared his "genuine love" for Nissan.

Ghosn's departure is unlikely to have a short-term impact on Renault's Formula 1 programme but he was regarded as one of the key architects behind its return as a works team in 2015.

He resigned as CEO and chairman in a message to the Renault board of directors.

Ghosn resigns as CEO of Renault two months after arrest
The Disgraced Ex-Nissan CEO Has Now Quit Renault… From Prison

Renault's board met on Thursday to formally accept Ghosn's resignation and outline his successors.

His operational alliance role will be overseen by Senard, who will lead discussions on the future "evolution" of its structure, Renault said.

Nissan's Chief Executive Hiroto Saikawa welcomed Renault's new leadership.

Ghosn didn't resign earlier because he didn't predict he would spend this long in jail; he almost posted bail before Christmas but his request was denied after prosecutors added new charges to his case.

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.

Nissan now owns a 15 percent nonvoting stake in its French parent and 34 percent in Mitsubishi Motors, a third major partner in their manufacturing alliance.

Nissan now owns a 15 percent non-voting stake in its French parent and 34 percent in Mitsubishi Motors, a third major partner in their manufacturing alliance.

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