Renault Names Interim Chief Exec In Light of Carlos Ghosn’s Arrest

Renault has named a temporary deputy chief executive following the arrest of Carlos Ghosn, who is facing allegations of financial misconduct.

The French firm said Ghosn will keep his role as chairman and chief executive, but chief operating officer Thierry Bolloré will take the deputy role to “preserve the interests of the group and the continuity of its operations”.

Ghosn was arrested in Japan on Monday over claims of hiding 5 billion yen (AU$61.2 million) in income and misusing corporate funds.

Ghosn has been credited for bringing about the Renault-Nissan-Mitsubishi strategic alliance, transforming the three companies into an “industry powerhouse”. Renault, which is 15 percent owned by the French state, holds a 43.4 percent stake in Nissan.

With Ghosn’s arrest, the alliance is now in question. Nissan and Mitsubishi are reportedly preparing to remove Ghosn from his chairman posts in the two companies.

French president Emmanuel Macron also said of the incident: “As a shareholder… the French government will remain extremely vigilant regarding the stability of the alliance, the (Renault) group and… its employees, who have the full support of the state.”