Rumour: Carlos Ghosn agrees to resign as Renault boss

According to a media report, Carlos Ghosn has agreed to resign as the CEO and the Chairman of Renault under select conditions. The Renault board is getting ready to name a new leader, while negotiating with Ghosn. The move comes after a denial of bail by a court in Tokyo, where Ghosn is under detention for alleged financial misconduct.

It has been reported that the Renault board and Ghosn's lawyers are reviewing issues including his non-competition agreement and pension benefits. An emergency board meeting has been planned for Thursday, where an announcement could be made. At the meeting, it is rumoured that the board will consider the appointment of Michelin CEO Jean-Dominique Senard as the Chairman, while interim CEO Thierry Bollore could be named as the CEO of Renault.

Ghosn's replacement would require to rebuild good relations with Nissan. The Japanese company has tried to weaken Renault's hold over it since Ghosn's arrest on November 19, 2018. Renault holds 43.4 percent stake in Nissan, while Nissan holds a non-voting 15 percent stake in Renault.

Source: Auto News