Renault to dress-down decisions over Ghosn’s 2018 pay


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Renault to dress-down decisions over Ghosn’s 2018 pay

On Friday, the 15th of March 2019, the French carmaker Renault said that the company had decided to eschew a decision on its former boss Carlos Ghosn’s pay package. Apart from that, Renault had also been quoted saying that the newly appointed board of directors in post-Ghosn era would decide whether to step back further or to forge ahead over the recent developments.

In a statement on Friday (March 15th), Renault said, “The board of directors will meet again in April to make its conclusions. ” Despite their deep cultural differences, Renault and Nissan last week had announced that they would be revamping their car making alliance to get themselves on a more equal footing by shunning a two-decade long concept of all-powerful chairmanship, held by Carlos Ghosn before getting arrested in Japan on financial misconducts at November 19th and ousted later.

Although Renault and Nissan had been in talks of potential merger, spokesmen were previously quoted saying that the initiatives were mostly led by French government, Renault’s top stakeholder, while Japan’s Nissan had actually been seeking an option to get rid of Renault’s upper hand.

In fact, when Ghosn rescued Nissan in 1999 from a near bankruptcy scenario, Renault brought about 43 percent stake of Nissan, and Nissan hold a 15 percent voting stake at Renault.