Thierry Bolloré ousted as Renault chief executive

Renault chief executive Thierry Bolloré has been removed from his post, following a vote by the brand’s board to choose his replacement.

Thierry Bollore

The news clarifies an official brand statement, which says that the board would meet “to discuss the corporate governance of the group.”

The move is believed to appease alliance partner Nissan, as Bolloré was closely associated with ex-Group CEO Carlos Ghosn. Ghosn was arrested last November following claims of financial misconduct. He is due to appear in court next year, facing charges in Japan that he used Nissan funds for personal use and that he inflated his own pay.

Nissan factories "unsustainable" under no deal Brexit

Any moves to remove ties from Ghosn are seen as vital to the future of the group, giving the instability on financial markets brought to the Alliance as a result of his arrest. Renaut’s share price fell by 20 per cent following the news, while Nissan’s has dropped by 35 per cent. Renault has a 43 per cent stake in Nissan, while Nissan has a 15 percent stake in Renault

The news follows on the recent announcement that Nissan announced a new chief executive. Makoto Uchida, formerly heading up the brand’s Chinese operations, took the place of Hiroto Saikawa who was ousted in September following a pay row in his role at the manufacturer. Ex Michelin CFO and managing general partner Jean-Dominique Senard was appointed as Ghosn’s replacement in January.

Following on from Bolloré’s departure, current chief financial officer Clotilde Delbos has taken his place in the interim.

Are you worried abotu the future of Renault? Let us know in the comments below...

Recommended

Renault and Nissan suffer heavy losses in 2020
Renault

Renault and Nissan suffer heavy losses in 2020

Renault posted a loss of almost £6.6 billion for the first half of 2020 – and Nissan’s finances took a £1.12 billion hit
30 Jul 2020
Ex-Peugeot head of design Gilles Vidal joins Renault
News

Ex-Peugeot head of design Gilles Vidal joins Renault

Vidal becomes the second high profile designer to join Renault this week, following the appointment of ex-Seat design lead Mesonero-Romanos
29 Jul 2020
Future of Alpine to be examined as part of Renault cost cutting measures
Alpine A110 front
Renault

Future of Alpine to be examined as part of Renault cost cutting measures

Renault restructuring means it is Impossible to maintain the status-quo at Alpine, according to group Chairman
29 May 2020
Renault to cut 15,000 jobs
Renault

Renault to cut 15,000 jobs

French car maker announces huge wave global redundancies as part of €2bn savings package; eight per cent of workforce lost
29 May 2020

Most Popular

New 2022 BMW M3 Touring officially confirmed
BMW 3 Series Touring

New 2022 BMW M3 Touring officially confirmed

New hot BMW M3 Touring estate on the way and it’ll feature the same 503bhp straight-six engine as the saloon. Our exclusive image previews how it coul…
12 Aug 2020
Next-generation Nissan Qashqai spied ahead of 2020 launch
Nissan Qashqai

Next-generation Nissan Qashqai spied ahead of 2020 launch

Our spy photographers have spotted the new Nissan Qashqai during its development programme – although it’s still wearing heavy camo
13 Aug 2020
New 2021 Kia Stinger facelift revealed with new look and tech
Kia Stinger

New 2021 Kia Stinger facelift revealed with new look and tech

The Kia Stinger gets a subtle new look as part of a facelift for 2021
12 Aug 2020