ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • National Highway construction slows to 20.43 km per day in first 4 months of current fiscal
  • Independence Day Special: How investment habits, preferences of people have changed over the past 75 years
  • BMW M4 Competition Coupé 50 Jahre M Edition: Price and features | Photos
  • Financial Independence for Women: top investment tips for the other half to make them independent moneywise
Read in App
Business News » World News

France seeks Renault board meeting to replace Ghosn - sources

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

The French government is moving to dismiss Renault`s scandal-hit Chairman and Chief Executive Carlos Ghosn and has requested a board meeting to consider candidates to replace him, sources with knowledge of the matter told Reuters.

France, Renault`s biggest shareholder, had until now supported the company`s decision to keep Ghosn in office while he awaits trial in Japan for alleged misconduct at Nissan , the French carmaker`s alliance partner he also chaired until his dismissal in November.

But the government, which commands a 15 percent Renault stake and two board seats, has asked the company to convene its nominations committee followed by a full board meeting on Jan. 20 to begin the process of appointing one or more successors to Ghosn, according to three people briefed on the process.

A spokesman for Renault and a French finance ministry official both said they had no knowledge of plans for a weekend board meeting.

Ghosn`s Nov. 19 arrest in Japan and swift firing by Nissan have deepened tensions with Renault, which owns a 43.4 percent stake in the Japanese carmaker.

The French move to replace Ghosn follows a decision by the Tokyo District Court earlier on Tuesday to deny the ousted chairman`s request for release on bail.

Ghosn has been charged over allegations he failed to disclose close to $80 million in additional compensation for 2010-18 that he had arranged to be paid later. Nissan director Greg Kelly and the company itself have also been indicted.

Both men deny the deferred pay agreements were illegal or required disclosure, while former alliance boss Ghosn has denied a separate breach of trust charge over personal investment losses he temporarily transferred to Nissan in 2008.

Jean-Dominique Senard, who is soon to step down as CEO of tyre maker Michelin, is likely to replace Ghosn as Renault chairman, according to two sources.

The French state and its advisers are also considering candidates for the Renault CEO role currently occupied on an interim basis by Ghosn`s deputy Thierry Bollore.

Bollore is among contenders for the permanent CEO appointment. Others under consideration include senior Toyota executive Didier Leroy, Elior boss Philippe Guillemot and one other potential candidate, a source involved in the discussions said.

"Philippe Guillemot denies being a candidate for Ghosn`s succession," said a spokesman for food services group Elior. "It`s possible that people considered him, but no more than that."

Senard could alternatively be appointed chairman and CEO, taking over both of Ghosn`s current roles, the source said. "All these options are on the table."

Leroy declined to comment, and attempts by Reuters to reach Senard at Michelin were unsuccessful. Headhunting firms Korn Ferry and Emeric Lepoutre & Partners, which are involved in the executive search, could not be reached after hours.

French officials had said Ghosn should be kept in office unless it became clear he would remain "incapacitated" for much longer, also hinting that Tuesday`s court decision would be an "important development".

Two senior French finance ministry officials were travelling to Tokyo on Tuesday for talks with Nissan stakeholders aimed at stabilising the alliance with Renault, daily Le Figaro reported.

Nissan CEO Hiroto Saikawa said in a Monday interview he expected Renault to back the Japanese carmaker`s ouster of Ghosn when its board of directors were finally given full access to the findings of its internal investigation.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Wed, Jan 16, 2019
05:15 am
Reuters
RELATED NEWS
Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert decodes Money Guru: As India gears up for 75th Independence Day celebration, where should you invest for benefit in New India? Expert decodes
UK economy contracts in 2nd quarter as recession fear grows UK economy contracts in 2nd quarter as recession fear grows
July retail inflation softens to 6.71% from 7.01% in June July retail inflation softens to 6.71% from 7.01% in June
OPEC cuts oil demand forecasts as economic growth slows OPEC cuts oil demand forecasts as economic growth slows
India to be fastest growing economy this year - What government source said India to be fastest growing economy this year - What government source said

LATEST NEWS

Har Ghar Tiranga campaign kicks off today: Amit Shah, others hoist tricolour

Balaji Speciality Chemicals IPO coming soon - All details

ONGC Quarterly Results: Highest ever! Check Q1 net profit

75th Independence Day: PM Modi Speech LIVE - When and where to watch on 15 August Red Fort Address

CUET-UG phase-4 exam postponed; Check schedule, new exam date, centre and more

Will NEET-JEE merge with CUET? Here's what UGC proposed | Check details

National Flag Code 2022: Har Ghar Tiranga campaign - Know the rules and right way to hoist Tricolour

Samsung Galaxy Buds 2 Pro price in India starts at 17,999 - Check availability, features and specs

Piramal Enterprises demerger gets NCLT approval; what it means for the two entities

Vivo V25 Pro India launch date is August 17 - expected price, specifications, availability and more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV