Carlos Ghosn is resigning from French auto giant Renault. The resignation comes as Ghosn remains incarcerated in a detention center in Japan.
Ghosn oversaw the Renault-Nissan alliance, a partnership that created an auto superpower. The 64 year old executive spent two decades as a towering figure in the auto industry, and leadership of Renault has now been passed onto Michellin’s Jean-Dominique Senard, who will be the company’s new chairman. Ghosn was fired by Nissan shortly after his arrest in November.
Nissan Chief Executive Hiroto Saikawa welcomed the news, stating “In the big picture, this is a big milestone that we are reaching. We are starting a new chapter. So I welcome this new leadership of Renault.” Renault did not fire Ghosn, but instead handed over day-to-day operations to Thierry Bollore, who will take on the roll permanently amid Ghosn’s resignation.
Ghosn is currently being detained for financial misconduct over allegations regarding company finances. Allegations include breach of trust and understating his income. He was denied bail earlier this week, and will likely remain in detention until trial. The auto alliance, which sold over 10 million vehicles in 2017 and employs 470,000 workers around the world, will continue under new leadership.
