Renault ousts CEO who replaced jailed former head Ghosn

Bolloré replaced Ghosn after the former CEO was jailed in Tokyo last November on charges of falsifying financial reports in under-reporting compensation and breach of trust.

11 October 2019 | 14:33

Source: Associated Press

  • Source: Associated Press
  • Last update: 11 October 2019 | 14:33

In this Tuesday, March 5, 2019 file photo, Thierry Bollore, Renault Chief Executive Officer, speaks during the presentation of the new Renault Clio as part of the press day at the '89th Geneva International Motor Show' in Geneva, Switzerland. (AP Photo)

PARIS: French carmaker Renault dismissed its chief executive officer on Friday, overhauling its leadership once again after the jailing of its previous chairman and CEO.

It came days after Nissan, with which Renault shares a deep alliance, named a new CEO, indicating the companies were intent on cleaning house after a scandal over former chief Carlos Ghosn rattled their upper ranks.

The decision by Renault’s board to dismiss Thierry Bolloré was effective immediately.

Bolloré replaced Ghosn after the former CEO was jailed in Tokyo last November on charges of falsifying financial reports in under-reporting compensation and breach of trust. Ghosn, who led both companies and the Nissan-Renault alliance, is currently awaiting trial and denies wrongdoing.

The company said Bolloré will be replaced on an interim basis by current Chief Financial Officer Clotilde Delbos. Chairman Jean-Dominique Senard will become president during the interim period.

Renault owns 43% of Nissan but their alliance came under strain after Ghosn’s jailing. Renault considered a merger offer from Fiat Chrysler Automobiles that would have created the world’s third-largest automaker, but the talks fell apart due to concern over Nissan’s role.

Bollore told French publication Les Echos ahead of the announcement that the board’s move to oust him came as a surprise. He said he found out Senard wanted him gone from media reports after he flew back to Paris from Tokyo in the early hours of Wednesday.

“The brutality and the totally unexpected nature of what is about to happen is stupefying,” he said, adding “I was always loyal to him.”

Responding to a question about Renault’s poor performance since he took the top post in January, he emphasized the strategic partnerships the company entered into with Google and Waymo under his watch.

“What is at stake is not me personally but the future of Renault and its 186,000 employees,” he told Les Echos.

Show Comments

An-Nahar is not responsible for the comments that users post below. We kindly ask you to keep this space a clean and respectful forum for discussion.