F1 Winter Break
Ghosn resigns, Michelin boss set to be named as Renault chairman
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Posted By: Editor   |  24 Jan 2019   |  2:33 pm GMT  |  15 comments

Carlos Ghosn, who remains in prison for his part in the misconduct scandal in the Nissan-Renault-Mitsubishi Alliance, has officially stepped down as chairman, with outgoing Michelin CEO Jean-Dominique Senard set to replace him.

As reported back in November 2018, Ghosn was arrested for gross financial misconduct after failing to accurately report his earnings. It is believed that he under-reported earnings by around 5bn yen (£34m) over a five-year period from 2011.

At the time, an internal Nissan investigation revealed that “over many years both Ghosn and [another senior executive Greg] 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.”

Nissan added: “Numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly’s deep involvement has also been confirmed.”

Ghosn was swiftly removed from his positions at Nissan and Mitsubishi, but Renault have taken much longer to decide the fate of their disgraced chairman.

In fact, Ghosn voluntarily stepped down as chairman ahead of Renault’s board meeting on Thursday.

Under recommendation from the French government – who own shares in Renault – Jean-Dominique Senard will be named as the new director and chairman, while Thierry Bollore, who acted as Ghosn’s deputy, will be kept on as chief executive officer.

In a statement, Renault said that they were seeking advice from their new chairman on their current structure and, if necessary, implement changes.

The statement said: “In addition to all the functions normally performed by the Chairman of the Board, the new Chairman of the Board of Directors of Renault will have to evaluate and, if necessary, change Renault’s governance in order to ensure the transition to the new structure.

“He will present his proposals on the evolution of governance to the Board of Directors before the next General Shareholders’ Meeting.

“In addition, Renault’s Board of Directors wishes to supervise actively the functioning of the Alliance and decides to give its Chairman full responsibility for managing the Alliance on behalf of Renault, in liaison with the Chief Executive Officer.”

Ghosn approved of Renault’s return to F1 a couple of years ago and, whilst there is little chance of anything happening to their F1 programme in the near future, the Enstone-based team will be curious to see what happens at the helm of Renault in the coming months.

Along with his new role at Renault, Senard will continue in his position as CEO of Michelin until May 2019 when his current contract expires.

Given Michelin’s commitment to various motorsport series, such as Formula E, the World Rally Championship and the World Endurance Championship, it’s difficult to imagine Renault’s new CEO suddenly being put off by Renault’s current Formula One venture.

By: Luke Murphy

All images: Motorsport Images

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1

Poor old Carlos. It must feel is as if he is caught up is some nightmare scenario like that far eastern film ‘Only God Forgives’ and has the vengeful cop after him wanting to chop him up! As some others suspect I think he was set up. Maybe even his own advisors had been coerced into selling him down the river. You save their sorry company from oblivion and this is the reward you get!

2

Only difference with Ghosn and all the other fat cat CEOs is he got caught.

3

….tumble…weeds?

Luke has been abandoned?

4

An article about the motor trade, I thought this site was JAonF1.

5

After following this drama in all the media available i would not be too keen to pass any judgement, until some more facts are released. This is a very complex case and if what i have read has any bearing on actuality then it would appear that Ghosn has been targeted for a multitude of reasons, many of them uniquely Japanese. Further disclosures will be fascinating to follow.

6

Anyone else only periodically checking this site to see if JA has finally decided to contribute anything to his own site?

Sad to witness the demise of a once great site.

7

ASB007
Yep and you might as well put that 80s
GO WEST tune on
“🎵King of Wishful Thinking🎶!”
With the new Motor Fan app you know the way this site is heading …South ! Way down South . Past Hades turf into the void of darkness.

8

George Harrison, “All Things Must Pass”….

9

dipo andrew
That song by George Harrison also apt, if your name is Arrivabene.

10
Tornillo Amarillo

Well, it looks like a private matter for not paying enough taxes and a public financial issue for not disclosing the correct amounts of millions in salary…
So why a millionaire unnecessarily risks his career, prestige and physical freedom?
Maybe they need to play more, more things to do, more control, more risk with a dark side to feel themself limitless…
…and he failed!! Intriguing.
My conclusion: if somebody is so a great manager and omnipotent, just be careful if you have stocks of that company for your retirement 🙂

11

Honestly, this doesn’t smell right at all.

Ghosn got that killer deal for Renault with Nissan when they were on their back. It’s not inconceivable that there would be desires to oust him somehow due to resentment. This whole thing doesn’t smell right to be honest and I don’t care either way. But in his position he was in a spot where he could cash out large anytime. He would have been awarded piles of shares by the board the way he was steering this whole group. He took Nissan from death. Even I have one now. While thing doesn’t make sense.

12
Richard Mortimer

Quite right, Sebee

Innocent until proven guilty (even if we do not like the guy)!

Which, by the way, we will lose if we lose Brexit

13

Great. Now how about a political move to get Michelin tyres on at least Renaults !

14

That was my first thought Gene, Michelins for everyone!

15

Japanese have certainly got their whaling hooks in Ghosn & now are dragging his carcass, into their whaling ship for slaughter.
Expect an expensive Ghosn Sushi dish on the menu at an exclusive Sushi restaurant downtown Tokyo.

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