Following the arrest of Carlos Ghosn and allegations of serious misconduct, France’s finance minister says he no longer wants the automotive executive to lead Renault.
Speaking to the media in the wake of claims leveled against Ghosn, Bruno Le Maire said he is “no longer in a position” to lead Renault, BBC News reports. France has a 15 per cent stake in the local car manufacturer.
The Renault board will meet today to discuss a potential replacement for Ghosn as chief executive. According to Le Maire, Renault chief operating officer Thierry Bollore may be called to step up.
“We need to have an interim management structure in place as quickly as possible,” Mr Le Maire said.
It was revealed yesterday that Carlos Ghosn had been arrested in Japan on charges of not reporting his full compensation. Local media claims that he failed to report around $44 million (5 billion yen) of income over the past five years while also violating a selection of other financial laws in Japan. Representative Director Grey Kelly is being accused of also under-reporting his income.
“The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation,” a statement from Nissan revealed.
Ghosn is the chairman of both Nissan and Mitsubishi but the two carmakers are moving to swiftly remove him from his posts.
Word of Ghosn’s misconduct came to light after an internal investigation, prompted by a whistleblower, was conducted by Nissan.