Renault will keep Carlos Ghosn in CEO role

Renault won’t follow Nissan in ousting arrested chairman as its internal investigation finds no wrongdoing.

By Lawrence Allan, Autocar UK calendar 14 Dec 2018 Views icon3689 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Renault will keep Carlos Ghosn in CEO role

Renault’s board has voted to keep Carlos Ghosn as its CEO and chairman after an internal investigation found no wrongdoing or illegal activity with regards to his pay. 

The move comes less than a week after Ghosn, who was removed from his role as Nissan director and chair, was formally charged by Japanese prosecutors for financial misconduct. He stands accused of under-reporting his income by around £34 million (Rs 308 crore) over five years, and misusing Nissan company assets.

Following a board meeting on Thursday, Renault revealed that preliminary conclusions of an ongoing investigation suggested that Ghosn’s compensation approval was “in compliance with applicable law” and that it would “maintain the current governance measures”. Day-to-day running of the company was handed to COO Thierry Bollore in November.

Renault, along with the stakeholding French government, has previously claimed that Nissan denied the firm access to more detailed allegations against Ghosn. The revelations are reported to have created a rift between the two firms, which are also in alliance with Mitsubishi.

Ghosn joined Renault in 1996 and was named COO of Nissan in 1999, after the French firm bought a major stake in its Japanese rival. Nissan CEO Hiroto Saikawa has since suggested the concentration of power within the alliance will not be repeated. He said: “In the future, we will make sure we don’t rely on a specific individual.”

Also read: Carlos Ghosn officially charged over financial misconduct

Renault board asks Nissan to share Ghosn evidence

RELATED ARTICLES
US tariffs will hurt both automakers and US manufacturing: ACEA

auther Autocar India calendar27 Mar 2025

European Automobile Manufacturers’ Association says that the EU and the US must engage in dialogue to find an immediate ...

Trump levies 25% tariff on all cars imported to US

auther Autocar India calendar27 Mar 2025

President Donald Trump claims new levy on all cars and car parts shipped into the country will create "tremendous growth...

Hyundai opens its third factory in the US: Metaplant America

auther Autocar India calendar27 Mar 2025

Hyundai Motor Group Metaplant America's vehicle assembly and battery plant is the key pillar of the Hyundai Motor Group’...