Carlos Ghosn will remain Renault CEO despite being detained

Carlos Ghosn will remain Renault CEO despite being detained

Chief operating officer Thierry Bolloré was appointed to the role during an emergency board meeting to stand in for Ghosn, whom Renault described in a statement as "temporarily incapacitated".

Ghosn is chairman of Nissan Motor Co and Mitsubishi Motor Corp as well as chairman and chief executive of their French partner, Renault.

Even as Renault CEO Carlos Ghosn sits in a Japanese jail, the board of directors for Renault has chose to allow him to keep his position - as well as his board seat - until the results of the Japanese investigation have been concluded, according to a report by Reuters on Tuesday.

Renault is opting to wait for the Japanese investigation, allowing Ghosn to keep his job as CEO and position as board chairman.

The Renault, Nissan and Mitsubishi auto alliance may be hard to manage without the unifying figure of chairman Carlos Ghosn, who is in police custody in Japan facing financial misconduct allegations, Mitsubishi Motors CEO Osamu Masuko said on Tuesday.

Later prosecutors said in a statement that Mr Ghosn and senior executive Greg Kelly had conspired to understate Mr Ghosn's compensation, starting in 2010.

Carlos Ghosn will remain Renault CEO despite being detained
Carlos Ghosn will remain Renault CEO despite being detained

Ghosn, who was set to leave in 2022, had been laying the groundwork to ensure a future for the alliance, including the option of a merger.

The French government, Renault's biggest shareholder, distanced itself from Ghosn in seeking a replacement. The setup has come under pressure from Nissan in recent years to address a lopsided balance of power after the Japanese company consistently outgrew Renault in sales and profits.

Bollore will be Renault's deputy CEO with Ghosn's powers. France has a 15 per cent stake in the local auto manufacturer. On Tuesday, Economy Minister Bruno Le Maire told France Info radio that "we will not demand he be removed" from the company because "we have no proof".

In a letter sent to Renault employees on Monday, Mr Bollore expressed full support for Ghosn and pledged to preserve the alliance.

The Brazilian-born businessman has been credited with turning around both Nissan and Renault before becoming the linchpin of the alliance the companies later formed.

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