Groupe Renault has introduced a new structure in place as it accepted Carlos Ghosn ‘s resignation from his post of Chairman and Chief Executive Officer.
Carlos Ghosn, who joined Renault in 1996, made his way up to become the Chairman and Chief Executive Officer of the company while enabling it to become one of the world’s leading automobile manufacturer, has resigned from his post.
The 64-years-old has immersed himself into controversy as he was arrested in Japan for breaking the law when Renault’s Alliance company Nissan found financial irregularities against him – the Japanese company has long asked for his removal.
At the same time, Renault wanted for the trial to run its course and then decide basis on the results. However, Carlos Ghosn tendered his resignation on Wednesday which was accepted by the Renault’s board on Thursday in a meeting.
The meet was led by Philippe Lagayette, Lead Independent Director. Ghosn’s replacements were also named as the board decided to divide the work into two with one holding the Chairman of the Board position while the other being the Chief Executive Officer.
As a result, Michelin’s CEO Jean-Dominique Senard has been named as the Chairman, who will now be the main contact person in the Alliance and will be responsible for all the work done to grow the partnership as well as the business.
Senard can present any governance changes as well in the next meeting. The Frenchman will be aided by Thierry Bollore, who becomes the CEO after his recent work as the Chief Operating Officer and the Deputy CEO.
It remains to be seen how the changes affects its racing programme. The Renault Sport Racing division was to have a new boss as well from January, but Thierry Koskas decided to leave the company which left the current head Jerome Stoll to continue in the position.
Jerome Stoll used to report to Carlos Ghosn for the approval of all the activities related to racing but now with two new bosses at the helm, it is to be seen if he has to speak to both Senard and Bollore or he can directly speak to Senard.