Thursday, 21 March, 2019


Renault Nissan Mitsubishi Alliance Reconfigures Board of Directors

Renault-Nissan-Mitsubishi Renault Nissan Mitsubishi Nissan, Renault and Mitsubishi pledge new start
Conrad Doyle | 15 March, 2019, 16:14

Key executives at Nissan and Mitsubishi have stepped down as the vehicle alliance looks to overhaul its management team amid the scandal surrounding Carlos Ghosn.

The announcement at a press conference in Yokohama, where Nissan is based, was created to ease the tensions that have flared within the alliance since the arrest of Carlos Ghosn. He was released on 1 billion yen ($8.9 million) bail last week.

This is a "new start" for the alliance, insisted the Frenchman.

Ghosn, who spent 108 days incarcerated at the Tokyo Detention House since his arrest in November, has resolutely maintained his innocence and on Monday requested to be allowed to attend Nissan's board meeting scheduled for Tuesday.

He has headed Renault, Nissan, and Mitsubishi Motors, three leading carmaking companies. He also said he would not be chairman at Nissan but vice chairman.

Renault-Nissan alliance was first set up during 1999 and Mitsubishi Motors Corp. had been added to the alliance in 2016, and, Carlos Ghosn who had served a Chair for all three companies and the alliance boss, had been thrusting for a much deeper tie-up between Renault and Nissan, including a possible merger, before his arrest and dismissal on November past year on accusations of alleged financial misconducts.

Although Ghosn has been dismissed as chairman at Nissan, he remains on the board.

Also on the shareholders' agenda is the dismissal of Greg Kelly, a director who was arrested with Ghosn and accused of working with Ghosn in the alleged misconduct. He faces charges of under-reporting his salary at the Japanese carmaker by about $82m over almost a decade - charges he has called "meritless".

Ghosn denied board meeting appearance by judge.

Senard cemented this idea saying he had no desire to be Nissan's chairman, but would instead be an "natural candidate" for vice chair.

Under the terms of his bail - which include giving up his three passports and having no smartphone access to the internet - he needed the court's approval to attend.

In the wake of the scandal, Renault has started its own review of payments to Ghosn. French media have also reported that prosecutors have opened a preliminary inquiry into how he financed his 2016 wedding at the Château de Versailles. He has been in the Tokyo Detention House since his arrest.

In a complicated management structure, Renault - itself 15 per cent held by the French state - owns a 43 per cent stake in Nissan.

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