France seeks Renault board meeting to replace CEO Ghosn

A necessary step under the circumstances. Next step would be for the new Renault CEO and board to appoint a new CEO for Nissan.

What goes around comes around. When Carlos gets his moment to shine, I hope he takes no prisoners.

Ghosn was cleared of wrongdoings according to audit by Renault, he deserves to stay on as Renault-Nissan-Mitsubishi Chairman.

Ghosn should have cut the deal long ago to avoid this happening. It is too late now. Pride blinds everything.

Next step would be for the new Renault CEO and board to appoint a new CEO for Nissan.

Nissan will appoint a new Nissan CEO.  Independence of three companies is important for a good alliance.  Besides, Nissan is fed up with people from Renault.

About time for Nissan to follow in footsteps of Toyota and Honda, with hybrid, something Carlos Ghosn wasn't capable of but Hiroto Saikawa is.

Nissan will appoint a new Nissan CEO. Independence of three companies is important for a good alliance. Besides, Nissan is fed up with people from Renault.

Actually, no. Nissan's shareholders approve all Director nominations, including that of CEO. Renault is Nissan's largest shareholder, at 43%. As long as Renault gains the cooperation of other shareholders sufficient to exceed the 50% threshold, they have veto power over the CEO appointment and can, in fact, put forth an alternative list of Directors for shareholder vote.

Ghosn’s misdeeds are all over the news in France at the moment.

The CGT (French Union) is asking for all his spending review.

Ghosn even hired/paid family members who never set foot or worked for Renault/Nissan.

His secret is out.

*For those who can read French:

https://www.lesechos.fr/industrie-services/automobile/0600518935405-comment-carlos-ghosn-choyait-ses-proches-aux-frais-de-nissan-2236419.php?fbclid=IwAR05j_Gh4EysA2fQTjwmUD_aiAveqEg0skyH5Dj1_DFKBVQctBMGGjlrmo0#xtor=CS1-31

@thelonius,

A necessary step under the circumstances. Next step would be for the new Renault CEO and board to appoint a new CEO for Nissan.

I agree. Renault has no choice but to replace Ghosn as Chairman.

Which is probably one of the reasons why J Inc. is not releasing Ghosn on bail. To get him out of the equation.

Given that Renault does not have majority ownership of Nissan, they don't have the ability to automatically appoint a new CEO. However, if they align with some other shareholders, they have a good chance of making it happen.

Hope they can, as Saikawa is a snake!!

Will: About time for Nissan to follow in footsteps of Toyota and Honda, with hybrid, something Carlos Ghosn wasn't capable of but Hiroto Saikawa is.

He brought hybrid cars, Leaf and others, self driving cars, GTR and many other models. Please do your research on the Nissan Japanese site before commenting wrong information.

Tina, Nissan wouldn't exist if Renault didn't bail them out from bankruptcy twice and Carlos saved the company to become in the top five cars sold.. Before him they were heavily in the red and would of been sold off to China, down the path of Sharp.. Again do research instead of negativity or ignorance please.

Kenji Fujimori, it Nissan sold to China, it could be No 1 in the world by now. The Japanese stupidity killed so many opportunities.

Akie, no unfortunately not and I don't mean that in a bad way, China has bad emissions ratings on cars, that's why they're not sold much abroad and in Japan.. If Chinese cars has normal global standard emissions and safety records are high, then of course it's welcome.. Perhaps in the future..

So this is how loyal service gets rewarded, you get thrown under the bus. Ghosn sits in jail, while all those with knowledge and aiding and abetting these yet to proven crimes get to go home to their families every night. Guilty until proven innocent, I was always lead to believe it was innocent until proven guilty.

Minello that's the sad reality here and what's worse is the negative media here, painting him in a negative light.. Which in the past was different the media here would always show him as a national icon for saving Nissan.

Will GoodeToday  09:56 am JST

About time for Nissan to follow in footsteps of Toyota and Honda, with hybrid, something Carlos Ghosn wasn't capable of...

True. ghosn was too busy flying around, shifting Nissen funds to Shell Companies, paying off acquiantances, and refurbishing houses -and whatever.

Though I don't think Saikawa has the grey matter to work himself our of a wet paper bag

zones2surf . I agree. Renault has no choice but to replace Ghosn as Chairman.

Which is probably one of the reasons why J Inc. is not releasing Ghosn on bail. To get him out of the equation.

That's a good point.

Renault is hot in pursuit bc Nissen sales are keeping Renault alive.

However the Alliance allows for parties to terminate.

And Renault still has not addressed the 1 billion Yen that has been paid (secretly by Ghosn, above the salary) thru the Dutch subsidiary to Mouna Sepehri .

Nor the 1 billion paid to a former Renault Chairmen in 2018.

Nissen is waiting for Renault to show some degree accountability on this and to stop stonewalling

Particularly since the French Renault Union has vocalized concern over these large payouts - at a time when the French economy is shakey.

Actually, no. Nissan's shareholders approve all Director nominations, including that of CEO. Renault is Nissan's largest shareholder, at 43%. As long as Renault gains the cooperation of other shareholders sufficient to exceed the 50% threshold

Renault's 43% is a result of no fair play. Renault is forbidding Nissan increase its share of Renault, which cancels Renault voting right in Nissan.  I hope French realizes that only a good alliance works in a competitive car industry.

Tina the same thing happened when Volkswagen owned a Large stake in Suzuki, Suzuki caused a storm to shrug away their alliance, which is dodgy..

Capitalism is business, not wishful thinking or national pride..

Hachidori

**G*hosn’s misdeeds are all over the news in France at the moment.*

The CGT (French Union) is asking for all his spending review.

Ghosn even hired/paid family members who never set foot or worked for Renault/Nissan.

His secret is out.

*For those who can read French:

https://www.lesechos.fr/industrie-services/automobile/0600518935405-comment-carlos-ghosn-choyait-ses-proches-aux-frais-de-nissan-2236419.php?fbclid=IwAR05j_Gh4EysA2fQTjwmUD_aiAveqEg0skyH5Dj1_DFKBVQctBMGGjlrmo0#xtor=CS1-31

Yes. Indeed. Thank you Hachidori for the links.

It's what I have been saying the last while.

This is why Nissan is holding back.

Nissan has given Renault a full disclosure of Ghosn's actions; the misappropriation of Nissan moneys; etc

Renault is stalling on addressing the issue on Ghon's mishandling of funds

tinawanabe I hope French realizes that only a good alliance works in a competitive car industry.

I agree with Fujimori on this.

It's likely not going to happen.

Nissan is a gov't agency, as is Renault.

So both makers have a larger vested interest in retaining any autonomy.

Hachidori, I showed my French friend here in Tokyo that news article you stated and he said that's just a negative media just to bring clicks and revenue.. Which is the case with all media, just companies regurgitating negativity ro get clicks and ad revenue.. Don't believe the media, it shapes minds into zombies..

As with the case of anything, have an open mind don't say hai hai to all news. As mentioned, if he is really money hungry. Why would he live in Japan for beyond 20 years and work blood and sweat to make Nissan are remarkable success story, when it was in the dark days of the sewers in the past.

Finally some positive progress. It's high time to discard that corrupt man. Although I doubt that corruption will find an end here.

.@Kenjo Fujimori

.The link Hachidori gave is for L'ECHO , *a BELGIUM BUSINESS news paper .*

It is not a negative, sensation-seeking news - contrary to the above allusion.

It is Business Newspaper - much like the Financial Post- offering current market analysis and so on..

With regard to the report on Ghosn, the article in L'Echo provides a very comprehensive account of his financial mishandling of Nissan funds. . . .

The first paragraph reads as follows:

"Secret salaries, yacht club memberships, luxury chandeliers ... new documents . . . show that the Renault CEO and former president of Nissan ( **i.e Ghosn) began in 2003 to circumvent the rules of ethics of the Japanese manufacturer.**"

Why would he live in Japan for beyond 20 years and work blood and sweat to make Nissan are remarkable success story

All he did was cut cost. Nissan was a good company with technology to begin with. It was Nissan's technology and employees' hard work that made Nissan grew. Recent years, he hardly stayed in Japan. If he was so capable, why can't he make Renault more prohitable?

Tina, no that is not all he did.. you just read or hear soundbites from biased local media here.. if you read UNbiased media and proper business news, the results show for itself... and he introduced many new models, expanded production lines domestically and abroad, increased and built many supply chains here and abroad, especially whent he Thai crisis of supply chains there got disrupted during their natural disasters..

He was always in Japan, he went abroad to expand globally the brand, factories, supply chain, dealerships, brand awareness.. dont forget Nissan was destroyed from the previous CEO and bankrupt twice...

Again your only stating very limited view on the matter, hence why you need to expand your view point before commenting please..

Not a wise move morally or business wise. Not backing up Carlos in the long run is a very bad move. it shows

that Renault and the French gov't their main man , who's 20 years life was to bring the French gov't & Renault into Japan to the Japanese sharks. The next person in the same seat as Carlos will understand that his or her future may just be like Carlos. What is the French government thinking ???. saikawa must be very pleased that he speaks French too. Anyway, no more investment in Nissan or any of Nissan inc products or any French products. We good Japanese cannot support anything that is not proven in court.

Kenji Fujimori Again your only stating very limited view on the matter

So you are implying your view is more open than tinawanabe ??? ?.

tinawanabe has a valid point " . If he was so capable, why can't he make Renault more prohitable?"

Yes, indeed.

And why have there been no topline Renaults in the last 20 years?

Semperfi Looking at her history, I believe so.. Yes he did actually make Renault profitable, they shared parts from car models and production lines. Cross sharing parts and production, is what most large companies do with entry level models and other servicing..

His main focus was on Nissan also btw.

If you went to last years Tokyo Motor Show, Renault, Mitsubishi AND Nissan both had massive booths, Renault possibly one of the largest of the foreign cars there..

Each world market is unique in sales/marketing strategies.. As foreign car parts are made abroad, Japan is generally highly restrictive on that, so they slap on large tarrifs to say Mercedes, Porsche etc.. when fully made cars from abroad are imported. Because Renault also uses Nissan parts, it is cheaper to buy here and close to the French prices..

You can judge for yourself on the Renault Japan site, a lot of the models are identical to the Nissan entry level lineups, as even the models are identical..

https://www.renault.jp/car_lineup/index.php

So essentially he is smart to make Nissan models, parts to fusion into the Renault line up as you can see they are very identical.

 they are very identical.

Nissan technology seems to be used for Renault too.

Besides, Nissan is fed up with people from Renault.

too bad theyve got to live with them since Renault holds 43% of Nissan , I doubt Renault will allow Nissan to choose its own CEO without their approval.

All he did was cut cost. Nissan was a good company with technology to begin with. It was Nissan's technology and employees' hard work that made Nissan grew.

which Japanese CEOs couldn't do properly, continued bailouts from the J gov and massive losses, $20 billion in debt almost drove Nissan to bankruptcy

.

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French press has stated French automaker Renault is considering holding a board meeting soon to discuss a new management lineup to replace Ghosn. - speculatively the meeting will be on Sunday.

This is according to Fr newspaper le Figaro.

Seemingly. the pressure on Renault - from the Fr Gov't. Renault Union and public - is mounting

On French TV, we are more on the great democratic discussion, to consildate the great french republic (a joke for me) due to Gilets Jaunes than Carlos Ghosn issues.

About Renault, they should continue without him, no choice.

:)