Renault Board Decides To Cut Ghosn’s $28 Million Severance Package

Following his resignation from Renault’s Chairman position, Carlos Ghosn was set to receive millions of dollars in payouts but the French automaker’s board decided against it.

The non-compete agreement between Ghosn and Renault in 2015 would award the jailed executive a compensation equal to two years fixed and variable pay, which is estimated to be close to 25 million euros ($28.2 million).

That means Renault is also not going to pay Ghosn the stock-based compensation, which is part of the variable pay for the financial years 2014 to 2017, as this was subject to Ghosn’s presence within the French automaker. The board said that it will decide on Ghosn’s pay in a meeting scheduled for March 15.

Following Nissan’s internal investigation, Renault has also performed an internal audit about Ghosn, discovering that the company made a $57,000 contribution to his personal benefit, as a charitable donation with the Château de Versailles where his wedding was held.

Carlos Ghosn, who remains under custody in Japan since his arrest last November, has reportedly hired a new legal team, as the previous lawyers informed the court that they no longer represent him. The reasons behind their resignation remains unclear. Ghosn hired Junichiro Hironaka to assist him with his case, Bloomberg reports.

 

  • Six_Tymes

    dumbest of companies. not unlike how in the 90’s apple once FIRED Steve Jobs, and they almost never hired him back! Carlos Ghosn was the Steve Jobs of Nissan/Renault. Glad I don’t own stock in their company, they railroaded him

    • SteersUright

      not quite.

    • Bo Hanan

      He ran 3 companies, had more power and money than Moses, did very little work, and still got greedy. And you think he was railroaded???

      • Tan Lee

        Did little work? Where are you getting your information from? I read he was a workaholic!

        • Bo Hanan

          Sergio worked hard at FCA, (RIP). Ghosn did not work hard.

          • Tan Lee

            How do you know this? Did you work along side both of them? Stop talking nonsense.

            Sergio worked hard but FCA has been driven to the ground.

            Carlos has made every car maker he has acquired a success and profitable.

  • Mr. EP9

    OOF

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