Photo: Renault
In a move that caught many analysts by surprise, and that is contrary to the advice received by French carmaker from various political or industry figures, Renault decided in a board meeting on Tuesday to momentarily stand by its leader.
In an official statement, Renault says it is currently “unable to comment on the evidence seemingly gathered against Mr. Ghosn” and will take no action at this point against the executive.
Ghosn will continue to serve as chairman and chief executive officer, but because he is currently incapacitated due to him being in custody in Japan, his role will be temporarily taken over by Thierry Bolloré, the company’s chief operating officer.
For some, Renault’s move might seem like a warning shot fired at Alliance partner Nissan, which was quick to rid itself of Ghosn following an “internal investigation” which showed the iconic industry figure engaged in financial and other unspecified but “significant acts of misconduct.“
Renault officially asked Nissan “on the basis of the principles of transparence, trust and mutual respect set forth in the Alliance Charter, to provide all information in their possession arising from the internal investigations related to Mr. Ghosn.”
Renault’s decision is likely to fuel concerns about a possible split of the Alliance, despite the French ending their official statement by stating their endorsement of the “support expressed by the Nissan management to the Renault Nissan Mitsubishi Alliance, which remains the priority of the Group.”
Shares of both Nissan and Renault tumbled on Monday following the announcement of Ghosn’s arrest. France’s Emmanuel Macron said on Monday his country "will be extremely vigilant to the stability of the alliance and the group." He also promised support for the company’s employees.
The mystery surrounding the deeds of Carlos Ghosn, aside for his alleged false reporting of his income to the Tokyo Stock Exchange, still remains.
Ghosn will continue to serve as chairman and chief executive officer, but because he is currently incapacitated due to him being in custody in Japan, his role will be temporarily taken over by Thierry Bolloré, the company’s chief operating officer.
For some, Renault’s move might seem like a warning shot fired at Alliance partner Nissan, which was quick to rid itself of Ghosn following an “internal investigation” which showed the iconic industry figure engaged in financial and other unspecified but “significant acts of misconduct.“
Renault officially asked Nissan “on the basis of the principles of transparence, trust and mutual respect set forth in the Alliance Charter, to provide all information in their possession arising from the internal investigations related to Mr. Ghosn.”
Renault’s decision is likely to fuel concerns about a possible split of the Alliance, despite the French ending their official statement by stating their endorsement of the “support expressed by the Nissan management to the Renault Nissan Mitsubishi Alliance, which remains the priority of the Group.”
Shares of both Nissan and Renault tumbled on Monday following the announcement of Ghosn’s arrest. France’s Emmanuel Macron said on Monday his country "will be extremely vigilant to the stability of the alliance and the group." He also promised support for the company’s employees.
The mystery surrounding the deeds of Carlos Ghosn, aside for his alleged false reporting of his income to the Tokyo Stock Exchange, still remains.
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