Renault Defers Decision to Dismiss Ghosn as CEO

Economy Society

Paris, Nov. 20 (Jiji Press)--French auto giant Renault SA, at a board meeting Tuesday, deferred a decision to dismiss Carlos Ghosn as its chairman and chief executive officer, despite his recent arrest in Japan.

But the company appointed Chief Operating Officer Thierry Bollore on a temporary basis as deputy CEO, giving him the same powers as Ghosn, to allow him to lead Renault's management team.

Ghosn, also chairman of Nissan Motor Co. <7201>, was arrested Monday for allegedly underreporting his executive pay from the Japanese automaker in violation of the country's Financial Instruments and Exchange Act.

Renault owns 43.4 pct of Nissan, which has an equity stake of 15 pct in the French partner.

The board of Renault decided to ask Nissan to provide all information in their possession arising from internal investigations related to Ghosn.

[Copyright The Jiji Press, Ltd.]

Jiji Press