Renault’s Board Keeps Carlos Ghosn As CEO And Chairman

BY Michael Karkafiris | Posted on

Renault’s Board of Directors will keep Carlos Ghosn as CEO and Chairman in the company, following an internal investigation concerning his compensation for the years 2015 to 2018.

The ongoing internal investigation reached a preliminary conclusion that the compensation of Carlos Ghosn from Renault was “ in compliance with applicable law”.

Renault’s lawyers presented to the Board of Directors a report on the presentation made to them by Nissan’s lawyers about the Japanese car maker’s own investigation on Ghosn.

Renault’s lawyers will continue the review and assessment of the information provided by Nissan and will provide the French car maker’s board with an update on the case. Renault’s board said that at this stage it doesn’t have information concerning Ghosn’s defence and therefore decided to maintain him as the company’s CEO and Chairman.

Nissan and Mitsubishi have already removed Ghosn from the CEO position respectively, with the former being officially charged together with Ghosn for financial misconduct by the Japanese authorities.

Ghosn was arrested on November 19 and remains in jail since then, with Japanese authorities also arresting Greg Kelly, Nissan’s former Representative Director, who’s also accused of helping Ghosn in under-reporting his compensation.

If found guilty, Carlos Ghosn could face up to 10 years in prison, as well as a fine of up to 10 million yen ($88,750). Nissan is also facing a fine of up to 700 million yen ($6.2 million) if found guilty.

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