Renault-Nissan Alliance: New holding company chairman named
Carlos Ghosn is gone, but he's still a director on the Renault board. The embattled executive's saga rolls on, as the corporate restructuring around him continues apace.
Thierry Bollore has been named chairman of the holding company responsible for coordinating the Renault-Nissan Alliance, replacing embattled executive Carlos Ghosn in the role.
Although he's resigned from his role as chairman and CEO at Nissan and Renault, Renault this week confirmed the currently-detained Ghosn is still a director on its board.
"Renault wishes to specify that Mr. Ghosn resigned from his terms of office as Chairman of the Board of Directors and Chief Executive Officer, but remains, as of the date hereof, Director of Renault SA,” the company said in a statement.
Carlos Ghosn was arrested on November 19, 2018, after touching down in Tokyo on Nissan's private jet. He's been accused of understating his salary, shifting currency trading losses to Nissan, and other financial misdeeds.
Although he admitted to being a 'strong leader', he argued suggestions he's a dictator were distorted.
Speaking from a cell in Tokyo, Ghosn claimed he's been brought down by a plot to end a potential Renault Nissan Mitsubishi merger.
The plan would have seen all three manufacturers united under a single holding company, but would've been offered a degree of autonomy similar to the current setup.
Currently Nissan controls Mitsubishi Motors via a 34 per cent shareholding, and owns a 15 per cent non-voting stake in Renault.
Thanks to the Renault's rescue of its Japanese partner, it owns 44 per cent of Nissan, and can appoint members to Nissan's board and name their preferred CEO.
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