Saturday , May 28 2022

Renault will replace Carlos Ghosn with Operation Director Thierry Bollore



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Ghosn simultaneously served as Renault's general manager, president of Nissan's car manufacturer Nissan and chief of the strategic alliance between Renault and Nissan, and another Japanese car maker, Mitsubishi. According to Japan's public television station (NHK) and Kyodo press agency, Ghosn has earned nearly ten billion yen ($ 89 million) between 2010 and 2015, but said the Fisk was only five billion yen (44 million dollars) or half of the amount received, writes Agerpres.

A meeting of the Board of Directors of Renault is scheduled for Tuesday evening. The company released a communiqué in which it assures that it focuses on the alliance with Nissan and Mitsubishi, and its corporate governance procedures are fully functional after Ghosn's arrest.

The French state has a 15% stake in Renault, which in turn holds a 43.4% stake in Nissan.

Bollore has long been a director in the automotive industry, working for years at the Michelin tire manufacturer and Faurecia car manufacturer before joining Renault in 2012.

Renault representatives were not available for comment, CNBC reported.

On Tuesday, French Economy Minister Bruno Le Maire said there was a need for interim leadership at Renault, saying President-General Carlos Ghosn "is no longer in a position to lead the group," even though he admitted that there is currently no evidence to incriminate him.

"We need to get an interim leadership as quickly as possible," Bruno Le Maire told France Info, one day after Carlos Ghosn was arrested in Tokyo, accused of hiding part of his tax revenues .

Even if he is of the opinion that Carlos Ghosn is no longer able to lead the Renault group, Bruno Le Maire has pointed out that the French authorities have not identified any tax fraud in France by Carlos Ghosn.

"There is nothing special to report on Carlos Ghosn's fiscal situation in France," the French official said.

"We have to have evidence before making a decision," Le Maire said in a statement that the state's responsibility is to ensure "Renault's stability, the future of Renault and the consolidation of the Nissan alliance."

The Nissan Board of Directors is due to rule on the dismissal of President Carlos Ghosn on Thursday, and the Mitsubishi Motors (MMC) Japanese group has announced a similar decision.

In the age of 64, Carlos Ghosn is the one who has led the Renault-Nissan-Mitsubishi alliance to the forefront of the world's automotive industry, a success that has earned him a sometimes contested remuneration. According to consulting firm Proxinvest, for his various positions in the Renault-Nissan-Mitsubishi alliance, Carlos Ghosn was rewarded in 2017 with 13 million euros, of which he received 7.4 million euros as Renault's CEO.

The Renault-Nissan Alliance, expanded in 2016 by including Mitsubishi, became the world's largest automaker with 10.6 million units last year, more than Volkswagen and Toyota. At present, the Alliance groups 10 car brands (including Dacia, Lada, Samsung Motors, Alpine, Infiniti, Datsun, etc.) with 470,000 employees and 122 factories on all continents.

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