Nissan poised to propose Ghosn replacement on board

Mon, 2019-02-04 06:43

TOKYO: The board of Japanese car giant Nissan is poised to
suggest a replacement for jailed former chairman Carlos Ghosn at a
meeting in Tokyo on Tuesday, according to local media.
New Renault boss Jean-Dominique Senard is expected to replace Ghosn
on the board but an extraordinary shareholders’ meeting in April
will be needed to sign off on the appointment.
At this gathering in April, shareholders also will be asked to
remove Ghosn and his right-hand man Greg Kelly from the board as
they fight allegations of financial misconduct.
Both were sacked from the board after their arrest on November 19
but a special shareholders’ meeting is required to remove them
Ghosn’s arrest and subsequent indictment on three charges exposed
rifts between Nissan and French carmaker Renault which, together
with Mitsubishi Motors, make up the world’s top-selling auto
manufacturing group.
The Japanese firms jettisoned Ghosn almost immediately but Renault
waited much longer and the tycoon eventually resigned as chairman
and CEO.
Current Nissan boss Hiroto Saikawa has described Senard’s
appointment as a “new chapter” in relations between the two
firms — an unlikely alliance that Ghosn created and held
In an interview with AFP last week, Ghosn said Nissan’s probe
into his alleged misconduct was a “trap,” “plot” and a
“story of betrayal.”
It was a result of “opposition and anxiety on the project of
bringing the companies together,” said Ghosn, amid rumors his
arrest was a “coup” designed to prevent a fully fledged merger
between Nissan and Renault.
“The scenario was to create a holding company that would control
the three operational entities and would hold all the shares, while
preserving autonomy of each group,” Ghosn told AFP.

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Source: FS – All-News-Economy
Nissan poised to propose Ghosn replacement on board