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TOKYO (Kyodo) – The leaders of Nissan Motor Co., Renault SA and Mitsubishi Motors Corp. Thursday decided to remain "fully committed" to their three-party alliance, even after the arrest of his powerful leader Carlos Ghosn for financial reasons. misconduct.
The alliance has "enjoyed unprecedented success over the past two decades," said a joint message from the three automakers following talks between Nissan CEO Hiroto Saikawa, Mitsubishi Motors CEO Osamu Masuko and President of Renault, Thierry Bollore, by videoconference.
The lack of leadership in one of the world's largest carmaker groups is turning into a power struggle between Nissan, which wants to revise the alliance to gain more weight, and Renault, whose main shareholder, the French government, wants a representative of the French manufacturer to lead the group.
Ghosn was removed from his position as president of the two Japanese automakers but remains CEO and chairman of Renault after the latter's arrest by Tokyo prosecutors on Nov. 19.
Nissan believes that the current alliance structure is not the same, its main shareholder, Renault, playing a larger role. The French government has a stake of about 15% in Renault.
Although Nissan has contributed about 50% of the net profit of the French manufacturer in recent years, Renault holds 43.4% of the capital of Nissan, which holds 15% of the capital of its French counterpart but without voting rights and 34% of Mitsubishi Motors.
Ghosn, initially sent by Renault in 1999 as part of a capital merger between the two companies to save Nissan from bankruptcy, was the backbone of the complex tripartite partnership that preceded his sudden arrest. The smaller rival Mitsubishi joined the group in 2016.
Focusing on who will lead the alliance in place of Ghosn, under the existing agreement between Nissan and Renault, the president and CEO will be chosen by the French automaker.
Ghosn reportedly sought to merge the three automakers led by Renault, while Nissan executives insisted that the group remain independent.
Prior to Thursday's meeting, French Finance Minister Bruno Le Maire on Tuesday reiterated on television that it was desirable that the alliance continue to be headed by a Renault person and that he hopes nothing will change in its current balance of power, including cross-ownership structures.
Ghosn was arrested for allegedly under-reporting his compensation of about 5 billion yen ($ 44 million) for five years until fiscal 2014, when he had received nearly 10 billion yen during this period. Greg Kelly, former CEO of Nissan, was arrested with Ghosn for suspicion of conspiracy.
Ghosn and Kelly have denied the charges, according to sources close to the case.
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