Saturday , June 19 2021

Renault-Nissan: Number 2 is replaced by number 1

The rally chairman of Renaulta on Tuesday night named the first company Thierry Bolloré to secure the transitional Carlos Ghosn, who remains CEO despite his arrest in Japan for suspicion of committing an injustice, the future of the alliance with Nissan and Mitsubishi.

Mr. Bolloré, 55, whom Mr. Ghosn chose for his right man in February last year, received the "temporary" executive board of the group and would therefore have "the same powers" as the CEO, who remains his post but whose advice he could only find it "temporarily blocked".

The committee also pointed out that it would meet regularly under the chairmanship of chief executive Philippe Lagayette, "preserve Renault's interests and ensure Alliance sustainability" with Japanese Nissan and Mitsubishi manufacturers.

This unusual appointment of Mr Bolloré supports the wish given by French Minister of Economy Bruno Le Maire earlier on Tuesday to immediately set up an interim visit of a producer who owns 15 percent of the country.

If Ghosn is currently formally retaining his position in Renault, Nissan's Steering Board will vote on it, dismissing its president on Thursday morning. Mitsubishi Motors (MMC) also intends to "quickly remove".

Released on all sides, Carlos Ghosn, who is considered to be one of the most powerful captains of industry in the world in 64, is still in custody in Tokyo, where his private plane was arrested Monday.

The Japanese prosecutor charges French-Lebanese-Brazilian that he "committed to reduce his compensation five times between June 2011 and June 2015", announcing only about 4.9 billion yen (around 37 million euros) of 10 billion yen over the period.

At an unusually brutal press conference, executive chairman Nissan Hiroto Saikawa also mentioned on Monday "many other misuses, such as using corporate property for personal needs," allegedly discovered after several months of internal investigation.

Mr. Ghosn also said that, according to NHK's public channel, he increased the amounts published on behalf of other directors.

On Tuesday night, the Renault committee asked Nissan to "send all the information he had had as part of the internal investigations that Mr. Ghosn was the subject," saying he was not "capable of deciding on the material available to Nissan and Japanese judicial bodies against Mr. Ghosna ".

The bounty of this powerful leader as a secret has already caused much controversy, and his lifestyle could also comment, such as his wedding reception with a great glow at Versailles Palace in 2016.

Carlos Ghosn received around € 15 million a year for his various positions, especially high for a European or Japanese industrialist, albeit far from huge salaries, for example in finances in the United States.

– Fragile balance –

In addition to Mr Ghosna's personal destiny, it is the entire Renault-Nissan-Mitsubishi Motors alliance, who orchestrated the fragile balance that followed this thunderstorm.

The case comes at a time when the executive director of all 10.6 million vehicles, according to the Financial Times, joining Renault and Nissan, an operation that the Japanese manufacturer refused and sought to block because of its fear of marble, did not cut its second-order status in the structure , always according to the diary.

Ghosn wanted "irreversible" links between Renault and Nissan, commented in a note by Kentaro Harad, an analyst at SMBC Nikko Securities.

"We can not rule out the possibility that the alliance will weaken." "It will change the balance of power (between French and Japanese parties) is a major issue," he says.

Standard and Poor's rating agency also announced on Tuesday that it plans to reduce the Nissan long-term debt rating, especially because of suspicion of marriage with three. On Tuesday evening, the Renault Steering Committee announced that it shared "the support provided by the Nissan Management Board for Renault-Nissan-Mitsubishi Alliance, which remains the Group's priority."

Similarly, the French and Japanese Governments once again found themselves in a joint statement of their "important support" to this alliance.

In Paris, the title Renault ended on Tuesday, with a fall of 1.19%, after it had already ripped off more than 8% on Monday.

Shares of Japanese carmakers were in Tokyo on Tuesday, ending 5.45% for Nissan and 6.84% for MMC.

LNT with Afp


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