Renault's board appointed an interim chairman and handed new powers to its chief operating officer to replace embattled boss Carlos Ghosn following his arrest in Japan on suspicion of financial misconduct, sources told Reuters.
Nissan's investigation into alleged misconduct by Chairman Carlos Ghosn is expanding to include Renault-Nissan finances, sources told Reuters. Nissan told Renault's board on Monday it had evidence of potential wrongdoing at Renault-Nissan BV, the Dutch venture overseeing alliance operations under Renault's ultimate control.
Renault-Nissan-Mitsubishi, the world's largest car alliance, is facing its biggest challenge yet with the arrest of its Chairman, Carlos Ghosn, which could threaten to upend the union of automakers he began to forge almost two decades ago.
France is seeking an interim leader for Renault, distancing itself from CEO Carlos Ghosn after he was arrested in Japan on allegations of financial misconduct. "He is de facto not in a position to run the group," Finance Minister Bruno Le Maire said. He was expected to meet with Renault's board later Tuesday.
France will work to preserve the stability of Renault and its alliance with Nissan, President Emmanuel Macron said after the Japanese automaker took steps to oust Chairman Carlos Ghosn over alleged financial irregularities.
The two automakers are nearing a framework agreement to join forces on electric and self-driving vehicles — capital-intensive areas that are reshaping the auto industry and straining carmakers' finances across the globe — people familiar with the discussions told Bloomberg.