The Board of Directors of French multinational car manufacturer Renault on Thursday appointed Thierry Bollore as its chief executive officer, replacing former boss Carlos Ghosn following his arrest in Japan, according to the company's statement
MOSCOW (Pakistan Point News / Sputnik - 24th January, 2019) The board of Directors of French multinational car manufacturer Renault on Thursday appointed Thierry Bollore as its chief executive officer, replacing former boss Carlos Ghosn following his arrest in Japan, according to the company's statement.Ghosn, the CEO of the Renault-Nissan-Mitsubishi Alliance, was arrested in November on suspicion of financial misconduct during his time as president of Japan's Nissan. Ghosn resigned as chairman and CEO of Renault on Wednesday.
"The Board has taken note of the resignation of its current Chairman and Chief Executive Officer [Ghosn] ... The Board of Directors has decided to provide Renault with a new governance structure and, on this occasion, to institute a separation of the functions of Chairman of the Board and Chief Executive Officer ... The Board co-opted [Michelin's] Mr. Jean-Dominique Senard as new Director and elected him Chairman. On the latter's proposal, the Board appointed [Renault Chief Operating Officer] Thierry Bollore as Chief Executive Officer," the statement reads.
The Renault-Nissan-Mitsubishi alliance is a partnership that focuses on the development of mechanical engineering. The Renault-Nissan alliance was established in 1999. Renault owns 43 percent of Nissan, while the Japanese company has a 15 percent stake in its French partner. In 2016, Nissan bought a 34 percent stake in Mitsubishi Motors, and as a result the world's largest automaker alliance was formed, with cumulative sales in 2017 totaling 10.6 million vehicles.
