Renault, Nissan, Mitsubishi Motors Announce New Board

Nissan Renault to rework alliance

The shuffling of key executives underscores the unwinding of a power structure built up during nearly two decades by Ghosn, who is accused of falsifying financial records and breach of trust by Japanese prosecutors.

The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future of the alliance and some speculation the partnership could even unravel.

The four-member board will comprise Senard, Nissan President and CEO Hiroto Saikawa, Mitsubishi Motors Chairman and CEO Osamu Masuko and Renault CEO Thierry Bollore, as stated by the four in their first joint press conference Tuesday.

The move gave the alliance time to reformulate the structure of its board of directors without having to undo the alliance - for now anyway.

Senard said he is not seeking to become Nissan's chairman and fill the vacuum left by Ghosn, who was ousted following his arrest in November.

In the memorandum of understanding accompanying today's announcement, the companies noted Jean-Dominique Senard is the "natural candidate" to be Nissan's vice chairman and one of its representative directors.

Nissan is part of an alliance with Renault SA of France, and more recently with Japan's Mitsubishi Motors, that was largely cobbled together by Ghosn, who led Nissan for two decades.

Jose Mourinho reacts to Zinedine Zidane’s return at Real Madrid
Real president Florentino Perez has again turned to Zidane , who stepped in for Rafa Benitez in 2016. According to his agent, Jonathan Barnett, the 29-year-old is "fine" with the manager's return.

The notice from Nissan says its investigation also found Ghosn used company money for personal expenses.

The date for his trial has not been set.

He was granted bail last week at the third time of asking, with bail set at 1 billion yen (9 million US dollars) and released under the provisos that he will not leave Japan and remain under limited video surveillance at the entrance to his residence.

Leading lawyer Junichiro Hironaka has fought the legal battle for Ghosn.

If his request to attend the board meeting had been approved, he would have been expected to dial into the meeting via teleconference, given the conditions of his bail, according to a person familiar with Nissan's thinking. This has always been an issue for Nissan executives, who believe the larger Japanese automaker shouldn't be controlled by the small European brand.

Senard also said Ghosn should be considered innocent until proven guilty. Renault owns about 40 percent of Nissan, while Nissan holds a stake of 15 percent on Renault.

Also on the shareholders' agenda is the dismissal of Greg Kelly, a director who was arrested with Ghosn and accused of working with Ghosn in the alleged misconduct.

Related News:



Most liked

Paul Scholes Has Left His Role As Oldham Athletic Manager
The Latics are now 14th place in the League Two table, nine points off the play-off positions with nine games to go. He resigned as a club director at non-league Salford while retaining his 10 per cent stake, before taking the job.

Jose Mourinho wants all-English ties in Champions League quarter-finals
Liverpool FC are now in second place in the Premier League table as they look to try and win the title for the first time under Jurgen Klopp.

Louis Tomlinson's Sister Reportedly Dead, Aged 18
The publication said that Félicité reportedly "collapsed on Wednesday after a suspected heart attack at her apartment in London ". A spokesperson for the Met said: "Police were called by the London Ambulance Service at 12.52pm to a residential address in SW5".

7 ministers voted against Brexit extension
Battling a sore throat, she said: "I may not have my own voice but I understand the voice of the country". To take no deal off the table, it is not enough to vote against no deal - you have to agree to a deal.

Wilder meets with DAZN
Wilder vs Fury 2 won't come to fruition anytime soon, though, as the latter has signed a broadcast deal with ESPN. Deontay Wilder has reportedly been offered a $50 million two fight deal with DAZN.

Russell Westbrook-Fan Altercation, Thunder Guard Says It Was 'Racial'
But what happens when fans attack opposing players - both verbally and physically? In my two years of knowing her, I respect her. Paul George led the Thunder with 36 points in his second trip back to Indianapolis since a blockbuster trade in July 2017.

Floods kill 66 in Mozambique, 45 in Malawi
In Mozambique, 111 people have been injured, 18 hospitals destroyed, 938 classrooms destroyed and 9,763 students affected. Flooding has also destroyed more than 5,700 homes and impacted more than 140,000 people in the southern African country.

Arsenal 3-0 Rennes: Unai Emery's side complete their Europa League comeback
Aubameyang made it 3-0 just as nerves were starting to jangle at the Emirates, finishing off a fine move to put the Gunners ahead on aggregate for the first time in the tie as Emery continued his bid to win the trophy for a fourth time.

SLAM DUNK: Ryan Moore aces 17th at Players Championship
And for anyone that travels to Florida to play at TPC, that's the hole that you're shelling out a ton of money to play on. McIlroy, a presence on leaderboards every time he has played this year, got off to a good start with a bogey-free sortie.

Android Q Beta: New Features, Release Dates and How to Get It
You will find more information about these new features in our article dedicated to the new features of Android Q. As noticed by Michael Young on Twitter , Android Q has a new option that allows users to force desktop mode .

New Zealand armed police respond to ongoing firearms incident in mosque
Stuff is reporting shots being fired at Christchurch hospital. "They are one of us.The person who perpetrated this is not". Police attempt to move people away from outside a mosque in central Christchurch, New Zealand , Friday.

Michael Bennett rolls out Patriots-Star Wars comparisons on Twitter
Still, Michael's opinion of the Patriots didn't improve, even after a ringing endorsement from his own family member. But now that I'm here, I love you. "I hated them even more", Bennett said.

Halep out, Barty pipped in Indian Wells Marathon
The seven-time major victor was broken early in both sets but she still managed to see off McHale in the pair's first meeting. There were so many fans, I think that that's part of the experience. "Then I just tried to really hype myself up".

Disney Expects 21st Century Fox Acquisition to Close Next Week
Peter Rice, one of Murdoch's longtime lieutenants, will become chairman of the Burbank-based television group, reporting to Iger. On the downside, the merging of the two leading entertainment firms in Hollywood will lead to massive layoffs.

Many dead in New Zealand mosque shooting, witness says
Christchurch resident Katherine Jamieson is in lockdown in her home, which is located down the road from the Mosque. Mr Bush said, "a serious and evolving situation was occurring in Christchurch with an active shooter".