Carlos Ghosn, Renault Chairman And Chief Executive Officer Resigns - Board Of Directors
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BOULOGNE-BILLANCOURT, France - January 24, 2019: Renault's Board of Directors met on January 24, 2019 at 10 a.m. under the chairmanship of Philippe Lagayette, Lead Independent Director.
The Board has taken note of the resignation of its current Chairman and Chief Executive Officer. The Board praised the Alliance's track record, which has enabled it to become the world's leading automobile manufacturer.
The Board of Directors has decided to provide Renault with a new governance structure and, on this occasion, to institute a separation of the functions of Chairman of the Board and Chief Executive Officer.
In addition to all the functions normally performed by the Chairman of the Board, the new Chairman of the Board of Directors of Renault will have to evaluate and, if necessary, change Renault's governance in order to ensure the transition to the new structure. He will present his proposals on the evolution of governance to the Board of Directors before the next General Shareholders' Meeting.
In addition, Renault's Board of Directors wishes to supervise actively the functioning of the Alliance and decides to give its Chairman full responsibility for managing the Alliance on behalf of Renault, in liaison with the Chief Executive Officer.
In this capacity, the Chairman of Renault's Board of Directors will be the main contact person for the Japanese partner and the other Alliance partners for any discussion on the Alliance's organization and evolution. He will propose to the Board of Directors any new Alliance agreement that he considers useful for Renault's future. He will be Renault's main representative in the Alliance's management bodies and at Nissan when Renault has the right of proposal.
The Chief Executive Officer will coordinate for the company the Alliance's activities in the operational field under the authority of the Chairman.
The Board co-opted Mr. Jean-Dominique Senard as new Director and elected him Chairman.
On the latter's proposal, the Board appointed Thierry Bolloré as Chief Executive Officer.
The Board expresses its confidence in the new leadership and wishes it every success in its mission.
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About Groupe Renault
Groupe Renault has been making cars since 1898. Today it is an international, multi-brand group combining the Renault, Dacia and Renault Samsung Motors, Alpine and LADA brands. In 2018, it sold close to 3.9 million vehicles through 12,700 outlets in 134 countries. Groupe Renault employs more than 180,000 people and operates 36 manufacturing facilities worldwide. To address the major technological challenges of the future and pursue profitable growth, Renault focuses on international development. It is harnessing complementary coverage across its five brands; electric vehicles; and its unique alliance with Nissan and Mitsubishi. With its Formula 1 team, Renault is active in motorsport as a powerful force behind innovation, image and brand recognition.
Statement regarding management changes at Alliance partner Renault
YOKOHAMA, Japan – Nissan Motor Co., Ltd. welcomes the Renault board of directors’ appointment of Jean-Dominique Senard as chairman and Thierry Bolloré as CEO.
Following these management changes at Renault, Nissan has begun preparations to hold an extraordinary general meeting of shareholders, targeting mid-April 2019. The agenda is to be limited to the discharge of directors Carlos Ghosn and Greg Kelly, and the appointment of a new director to be nominated by Renault.
Nissan CEO Hiroto Saikawa said: "We welcome these management changes at Renault. Over the past 20 years, each company has respected the other’s identity and autonomy, and by combining our strengths we have created synergies and achieved profitable growth. These mutually beneficial activities will not change in any way; in fact, we believe they need to accelerate. We are very pleased to be able to open a new chapter in our historic partnership.”
Nissan is eager to work with Renault’s new leadership and will face the automotive industry’s challenging landscape alongside its Alliance partners, Renault and Mitsubishi Motors.
About Nissan Motor Co., Ltd. Nissan is a global full-line vehicle manufacturer that sells more than 60 models under the Nissan, INFINITI and Datsun brands. In fiscal year 2017, the company sold 5.77 million vehicles globally, generating revenue of 11.9 trillion yen. On April 1, 2017, the company embarked on Nissan M.O.V.E. to 2022, a six-year plan targeting a 30% increase in annualized revenues to 16.5 trillion yen by the end of fiscal 2022, along with cumulative free cash flow of 2.5 trillion yen. As part of Nissan M.O.V.E. to 2022, the company plans to extend its leadership in electric vehicles, symbolized by the world's best-selling all-electric vehicle in history, the Nissan LEAF. Nissan’s global headquarters in Yokohama, Japan, manages operations in six regions: Asia & Oceania; Africa, the Middle East & India; China; Europe; Latin America; and North America. Nissan has partnered with French manufacturer Renault since 1999 and acquired a 34% stake in Mitsubishi Motors in 2016. Renault-Nissan-Mitsubishi is today the world’s largest automotive partnership, with combined sales of more than 10.6 million vehicles in calendar year 2017.