Renault may replace Ghosn as CEO, report says
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Nissan has moved to oust Ghosn as its chairman after an investigation found evidence of serious financial misconduct, leading to his arrest in Tokyo on Monday.
The French government, Renault’s biggest shareholder, called on Tuesday for an interim management structure to be put in place. Finance Minister Bruno Le Maire said Ghosn “is no longer fit to lead Renault” following his arrest.
Le Maire said that he wanted Renault to set up an interim management structure in light of Ghosn’s arrest. The minister also said he had asked French tax authorities to look into Ghosn’s affairs and that they had found nothing of particular note.
French President Emmanuel Macron said on Monday that his government would work to preserve the stability of Renault and its alliance with Nissan following Ghosn’s arrest.
Nissan said on Monday that an internal investigation had revealed that Ghosn engaged in wrongdoing including personal use of company money and under-reporting for years how much he was earning. Nissan said it would seek Ghosn’s removal as chairman at a board meeting on Thursday.
French Renault stake
The French state owns 15 percent of Renault, which in turn holds a 43.4 percent stake in Nissan.
Le Maire said he would contact his Japanese counterpart over the matter and reiterated that France’s priority was to ensure the stability of the Renault company. Renault’s partnership with Nissan was in the interests of both France and Japan and of both companies, he said.
“Renault has been weakened, which make it all the more necessary to act quickly,” Le Maire said.
Renault said its board will meet later on Tuesday but declined to disclose the agenda.
Renault shares were down 2.6 percent in early session trading, with the stock having slumped 8.4 percent on Monday.
