France Wants To Remove Carlos Ghosn As Renault Head After His Misconduct

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.

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  • Mind Synthetic

    glad to see he is gone, now if only Nissan can get Renault’s claws clipped. Perhaps then they will be able to make decent cars again.

    • alexxx

      Wut?!

  • Mr. EP9

    Yeah, he’s going to be out of a job shortly before Thanksgiving, if not the following week. He’s screwed.

    • annon

      with all his “earnings” probably stashed all over the globe, think that’s the least of his worries. In all honesty though, I did admire him for what he’d accomplished for the Nissan brand

      • Mr. EP9

        Yeah, he did do a lot for them. It’s just a shame that his name will be dragged through the mud because of this.

        • annon

          true

  • Six_Tymes

    certainly was one of the best leaders in the car industry. glad I do not own Nissan shares now

    • BGM

      The best. This guy remade Nissan into something that people – me – actually want to buy. But he got greedy…

  • SteersUright

    So happy to see financial corruption addressed publicly, properly and uprooted from European and Asian corporate culture to the extent possible.

  • Ary Wisesa

    My my… how greed ruined one of the best leaders in auto industry. I mean, he’s already very wealthy, why on earth he’s tempted to break the law and throw himself from the respectful position to jail?

  • Seems every “great man” that can take Failing companies to the top have big issues not making them so great anymore. He surely made a lot of enemies especialy in Japan when he came to Nissan, saving the brand cost a lot of jobs and the loss of traditions. I sure a lot of people are happy to take him down.

    • MarketAndChurch

      exactly

  • MarketAndChurch

    FCA should take him. I believe he will turn FCA around.

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