UK: Nissan CEO Ghosn to join Renault board this week - paper
Renault will this week appoint Nissan chief executive Carlos Ghosn to its board and seek shareholder approval for a corporate governance shake-up, the Financial Times (FT) said today.
The FT said that Ghosn's appointment would clear the way for him to succeed veteran Renault chairman Louis Schweitzer.
Schweitzer intends to retire in 2005, the newspaper said, adding that Ghosn had told colleagues he intends remain at Nissan for another three years.
The FT said that Renault's boardroom changes will also see a reduction in the number of French government officials on the board, publish more details about executive pay and reduce directors' terms from six to four years.
The changes follow an extension of the Renault-Nissan alliance, the newspaper said, adding that Nissan now holds 13.5 percent of the French carmaker while Renault recently raised its Nissan stake from 36.8 per cent to 44.4 per cent.
Those shareholding changes saw the French government cut its Renault shareholding from 43.8 per cent at the end of 2001 to 27.1 per cent last month, the Financial Times said.