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PARIS – Renault has convened a meeting of the board of directors to replace Chief Executive Officer Carlos Ghosn, which could help ease tensions with his Nissan alliance partner after the arrest Mr. Ghosn in Japan for alleged financial misconduct.
The Board of Directors, which will meet on Thursday at 09:00 GMT, will consider the proposal to appoint Jean-Dominique Senard, outgoing Chairman of Michelin, to the presidency and promotion of Thierry Bollore, MP for Ghosn, as CEO. , said three sources.
Renault confirmed that an emergency meeting of the board of directors was scheduled for Thursday, but a spokesperson did not answer questions regarding his agenda or replacing Ghosn. .
This decision, taken two months after the arrest and the rapid removal of Ghosn on November 19, turned the page of his two decades at the helm of the partnership that he transformed into a global giant in the automotive industry following the Renault's acquisition of Nissan almost bankrupt in 1999..
Ghosn was accused of failing to disclose an additional compensation of more than $ 80 million (9 billion yen) by Nissan for the 2010-18 fiscal year, for which he had arranged for a later payment. Nissan manager Greg Kelly and the company itself have also been indicted.
Both men deny that the deferred compensation arrangements were illegal or that their disclosure was mandatory. Mr. Ghosn also denied a separate charge of breach of trust for losses related to personal investments that he temporarily transferred to Nissan in 2008. Nissan said it was taking over the business. deal seriously and was committed to improving corporate governance.
Ghosn has now agreed to resign from Renault, told Reuters three sources close to the case, but only after the French government, its largest shareholder, called for a change of direction and his demands for release under bail have been rejected by the Japanese courts.
Finance Minister Bruno Le Maire said Tuesday night that his resignation had not yet been officially received.
"At this point, Renault's interim management has not received a letter of resignation from Carlos Ghosn," the minister told BFM TV.
Senard, 65, must now calm his ties with Nissan, 43.4% owned by Renault. Since the arrest of Ghosn, Nissan CEO Hiroto Saikawa has sought to weaken Renault's control and has resisted attempts to appoint new directors to the board of the Japanese automaker.
Nissan currently holds 15% of the non-voting shares of its French parent company and 34% of Mitsubishi Motors, the third largest partner in their manufacturing alliance.
Once its new management is installed, French officials want the work to resume a new ownership structure cementing the partnership – that Ghosn was mandated to explore when his contract with Renault was renewed last year with the support of government.
Nissan is wary of such a move. In an interview last week, Saikawa acknowledged shareholder concerns that the current structure undervalues their investment, but added that the change was "really not the current priority."
"The subject is not on the agenda today," Finance Minister Le Maire said on Sunday, amid reports in the Japanese press that France was actively promoting a merger between Renault and Nissan.
The widely awaited rejection of Ghosn's latest bail application suggests that the 64-year-old executive will remain in detention until his trial in Japan.
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