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1-min read

Carlos Ghosn Resigns From Renault

Ghosn has been charged with failing to disclose more than $80 million in additional Nissan compensation for 2010-18 that he had arranged to be paid later.

Reuters

Updated:January 24, 2019, 1:21 PM IST
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Carlos Ghosn Resigns From Renault
File photo of Carlos Ghosn (image: Reuters)
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Carlos Ghosn has resigned from French carmaker Renault, French finance minister Bruno Le Maire told Bloomberg Television in an interview at the World Economic Forum in Davos. "Carlos Ghosn just resigned last night," said Le Maire.

Ghosn has been charged with failing to disclose more than $80 million in additional Nissan compensation for 2010-18 that he had arranged to be paid later. Nissan director Greg Kelly and the Japanese company itself have also been indicted.

Both men deny the deferred pay agreements were illegal or required disclosure. Ghosn has also denied a separate breach of trust charge over personal investment losses he temporarily transferred to Nissan in 2008. Nissan has said it takes the matter seriously and pledged to improve corporate governance.

Ghosn has now agreed to resign from Renault, the sources said - but only after the French government, its biggest shareholder, called for leadership change and his bail requests were rejected by the Japanese courts.

Renault's board will meet today to replace Ghosn, in a move that could help ease tensions with alliance partner Nissan following Ghosn's arrest in Japan for alleged financial misconduct.

The meeting will consider the proposed appointment of outgoing Michelin boss Jean-Dominique Senard as chairman and the promotion of Ghosn's deputy Thierry Bollore to CEO, three sources familiar with the matter have told Reuters.

| Edited by: Abhinav Jakhar
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