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Saturday 19 October 2019

Renault axes chief executive in fresh leadership overhaul

Thierry Bollore had been appointed last year after former chief Carlos Ghosn was jailed in a scandal over false financial reports.

Renault has dismissed its chief executive with immediate effect (PA)
Renault has dismissed its chief executive with immediate effect (PA)

By Associated Press Reporter

French car maker Renault has dismissed its chief executive, overhauling its leadership once again after the jailing of its previous boss.

It came days after Nissan, with which Renault shares a deep alliance, named a new chief executive, indicating the two companies are intent on cleaning house after a scandal over former chief Carlos Ghosn rattled their upper ranks.

The decision by the Renault board to dismiss Thierry Bollore was effective immediately.

Mr Bollore replaced Ghosn after the former chief was jailed in Tokyo last November on charges of falsifying financial reports in under-reporting compensation and breach of trust.

Thierry Bollore’s dismissal was immediate (Cyril Zingaro/Keystone/AP)

Ghosn, who led the Nissan-Renault alliance, is currently awaiting trial and denies wrongdoing.

Renault said Mr Bollore will be replaced on an interim basis by current chief financial officer Clotilde Delbos.

Chairman Jean-Dominique Senard will become president during the interim period.

Mr Bollore told French publication Les Echos that the board’s move to oust him came as a surprise.

What is at stake is not me personally but the future of Renault and its 186,000 employees Thierry Bollore

He said he found out from media reports after he flew back to Paris from Tokyo in the early hours of Wednesday.

He added: “The brutality and the totally unexpected nature of what is about to happen is stupefying.”

Responding to a question about Renault’s poor performance since he took the top post in January, he emphasised the strategic partnerships the company entered into with Google and Waymo under his watch.

He added: “What is at stake is not me personally but the future of Renault and its 186,000 employees.”

Renault owns 43% of Nissan but their alliance came under strain after Ghosn’s jailing.

Renault considered a merger offer from Fiat Chrysler Automobiles that would have created the world’s third-largest car maker, but the talks fell apart due to concerns over Nissan’s role.

PA Media

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