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Nissan grants Renault executives boardroom seats, ending the dispute
Nissan said it will give Renault Chief Executive Thierry Bollore a seat on its board`s audit committee and Renault Chairman Jean-Dominique Senard a seat on its nomination committee.
Japan`s Nissan said on Friday it would grant alliance member Renault`s representatives seats on key committees of its board, ending a dispute between the two automakers. Nissan said it will give Renault Chief Executive Thierry Bollore a seat on its board`s audit committee and Renault Chairman Jean-Dominique Senard a seat on its nomination committee. Senard will also become vice-chairman of the board.
The move comes after demands by Senard for representation on the committees in return for approving Nissan`s overhauled governance structure plunged the two-decade-old partnership into crisis.
"Groupe Renault welcomes Nissan`s decision to grant Renault`s representatives a seat on the committees of the Nissan board, which will be presented to the general shareholders` meeting on June 25," Renault said in a statement.
"The agreement reached on Renault`s presence in Nissan`s new governance confirms the spirit of dialogue and mutual respect that exists within the alliance," added Renault, whose merger talks with Fiat-Chrysler broke down this month.
Nissan also said it would nominate Yasushi Kimura, adviser at JXTG Holdings Inc , to chair its board.
The French state has a 15% stake in Renault, while Renault itself owns 43.4% of Nissan.
French ministers have consistently highlighted the importance of ensuring the Renault-Nissan alliance remains strong, before planning any further consolidation with the likes of Fiat-Chrysler.
The 20-year-old partnership between Renault and Nissan has been strained since former leader Carlos Ghosn was arrested for suspected financial misconduct last year. Ghosn denies wrongdoing.
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