21/11/2018

21 November 2018
21 November 2018, Comments Comments Off on Renault takes action following Carlos Ghosn’s arrest
Renault takes action following Carlos Ghosn's arrest

The Board of Directors of Renault has adopted transitional governance measures to preserve the interests of the Group and the continuity of its operations after the opening of judicial proceedings against Mr. Carlos Ghosn in Japan.

Since Mr Ghosn’s arrest in tokyo this week on charges of falsifying financial documents, there has been media speculation about the ongoing balance of power in the Nissan and Renault alliance.

At this stage, the Board, chaired by the lead independent director Mr. Philippe Lagayette, is unable to comment on the evidence seemingly gathered against Mr. Ghosn by Nissan and the Japanese judicial authorities.

Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer. The Board of Directors resolved to appoint Mr. Thierry Bolloré on a temporary basis as Deputy Chief Executive Officer. Mr. Bolloré will therefore lead the management team of the Group, having the same powers as Mr. Carlos Ghosn. During this period, the Board will meet on a regular basis under the chairmanship of the lead independent director to protect the interests of Renault and the sustainability of the Alliance.

The Board decided to request 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.

The Board endorsed the support expressed by the Nissan management to the Renault Nissan Mitsubishi Alliance, which remains the priority of the Group.

Groupe Renault has been making cars since 1898. Today it is an international multi-brand group, selling close to 3.76 million vehicles in 134 countries in 2017, with 36 manufacturing sites, 12,700 points of sales and employing more than 180,000 people. To meet the major technological challenges of the future and continue its strategy of profitable growth, the group is harnessing its international growth and the complementary fit of its five brands, Renault, Dacia, Renault Samsung Motors, Alpine and Lada, together with electric vehicles and the unique alliance with Nissan and Mitsubishi