Renault has made outgoing Michelin chief Jean-Dominique Senard chairman

Renault has made outgoing Michelin chief Jean-Dominique Senard chairman

Renault has confirmed the resignation of Carlos Ghosn from his top functions and appointed current Michelin chief, Jean-Dominique Senard as chairman and and Thierry Bolloré as CEO.

The news coming from Paris after a board meeting this morning (24 January) confirms reports circulating of Ghosn's decision to step down as chairman and CEO, while he faces trial concerning charges related to financial misconduct, which he denies.

Renault says it will now split the functions of chairman and CEO to provide a new governance structure.

"In addition to all the functions normally performed by the chairman, the new chairman of Renault will have to evaluate and, if necessary, change Renault's governance in order to ensure the transition to the new structure," said a Renault statement.

"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 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 CEO.

"In this capacity, the chairman of Renault will be the main contact person for the Japanese partner and the other Alliance partners for any discussion on the Alliance's organisation 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 CEO will coordinate for the company the Alliance's activities in the operational field under the authority of the chairman."