Renault Removes CEO Bollore

Andrew Cummings
October 12, 2019

The board of French auto maker Renault on Friday voted to oust Thierry Bollore as CEO, naming the firm's financial director Clotilde Delbos to take over his job on an interim basis.

According to the Nikkei Asian Review, Bollore is set to lose the job amid fears that his close ties with former CEO Carlos Ghosn could be detrimental to Renault's alliance with Nissan, where Ghosn himself was ousted a year ago after his arrest over alleged financial misconduct.

Mr Bollore, who had always been Ghosn's right-hand man, was promoted to help steady Renault this year, with Jean-Dominique Senard hired from Michelin as chairman.

The company said Bolloré will be replaced on an interim basis by Chief Financial Officer Clotilde Delbos.

Renault shares were up 3.5 per cent following the announcement.

Mr Bollore denounced his looming exit as a "coup" in a newspaper interview on Thursday evening, after news that Mr Senard was poised to trigger his departure had emerged in the French press on Tuesday. French carmaker Renault has dismissed its chief executive officer, overhauling its leadership once again after the jailing of its previous chairman and CEO.

"The brutality and the totally unexpected nature of what is happening are staggering", he said according to the source.

The triumvirate has echoes of the new top team announced on Tuesday by Nissan. Nissan Motor has already appointed a new CEO to replace Hiroto Saikawa.

Unofficially, the rumor mill points to the French state, who is a Renault stakeholder, not being satisfied with the Frenchman's ties with Ghosn, while others hinted to him being perceived a hurdle in the path of the Alliance's transformation. The French carmaker released a statement saying Bollore will leave his post immediately.

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