Bollore Replaces Ghosn At Renault

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The Renault Group announced tonight that their Chief Operating Officer Thierry Bollore has been named Deputy Chief Executive Officer of the company replacing Carlos Ghosn.

Bollore will have the same powers as Ghosn. In a statement issued by the Renault board this evening, they say:

The Board of Directors of Renault held today adopted transitional governance measures to preserve the interests of the Group and the continuity of its operations.

The Board was chaired by the lead independent director Mr. Philippe Lagayette after the opening of judicial proceedings against Mr. Carlos Ghosn in Japan. At this stage, the Board is unable to comment on the evidence seemingly gathered against Mr. Ghosn by Nissan and the Japanese judicial authorities.

Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer. The Board of Directors resolved to appoint Mr. Thierry Bolloré on a temporary basis as Deputy Chief Executive Officer Mr. Bolloré will therefore lead the management team of the Group, having the same powers as Mr. Carlos Ghosn.

During this period, the Board will meet on a regular basis under the chairmanship of the lead independent director to protect the interests of Renault and the sustainability of the Alliance.

The Board decided to request Nissan, on the basis of the principles of transparence, trust and mutual respect set forth in the Alliance Charter, to provide all information in their possession arising from the internal investigations related to Mr. Ghosn.

The Board endorsed the support expressed by the Nissan management to the Renault Nissan Mitsubishi Alliance, which remains the priority of the Group.

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