Saturday, 19 October 2019
Latest news
Main » Renault removes Thierry Bolloré as CEO

Renault removes Thierry Bolloré as CEO

12 October 2019

The report comes from French newspaper Le Figaro, saying that Renault Chairman Jean-Dominique Senard will ask the board to begin the search for a successor to Bollore in the next board meeting scheduled for October 18.

According to the Nikkei Asian Review, Bollore is set to lose the job amid fears that his close ties with former CEO Carlos Ghosn could be detrimental to Renault's alliance with Nissan, where Ghosn himself was ousted past year after his arrest over alleged financial misconduct.

Bollore, who had always been Ghosn's right-hand man, was promoted to help steady Renault this year, with Jean-Dominique Senard hired from Michelin as chairman. He said it was made without pressure from the French government or Nissan.

More news: Younger generations more likely to quit job for mental health reasons

Renault also named two deputies to back up Mr Delbos: top sales executive Olivier Murguet and a senior manufacturing and supply chain chief, Jose-Vicente de los Mozos.

The company said Bolloré will be replaced on an interim basis by Chief Financial Officer Clotilde Delbos.

In an exceptional board meeting earlier Friday "the Board of Directors chose to end the mandate of Mr Thierry Bollore as chief executive officer of Renault. with immediate effect", it said in a terse statement.

More news: Advance voting is now open across Metro Vancouver

Whatever the reason, Bollore is out, and Renault's shares actually rose after the announcement.

Nissan doesn't trust Bollore while his relationship with Senard is described as just courteous, according to Les Echos.

The board's decision to fire Thierry Bolloré effective immediately came days after Nissan also named a new CEO, indicating the companies were intent on cleaning house after the scandal over Ghosn.

More news: 20 new moons found around Saturn

"The brutality and the totally unexpected character of what is happening are stupefying".

Renault removes Thierry Bolloré as CEO