With Ghosn gone, Nissan, Renault, Mitsubishi form new board

Combined Shape

YOKOHAMA, Japan (AP) — The chief executives of Renault, Nissan and Mitsubishi have announced a new board to oversee the French-Japanese auto alliance, seeking a “new start” for the partnership after the arrest and dismissal of Nissan’s former chairman, Carlos Ghosn. 

“This is a very special day for the alliance,” Renault SA’s chairman, Jean-Dominique Senard, told reporters after a meeting at Nissan’s Yokohama headquarters. He spoke to reporters along with Renault’s chief executive, Thierry Bollore; Nissan CEO Hiroto Saikawa and Osamu Masuko, CEO of the smaller Japanese alliance partner Mitsubishi Motors Corp.

The alliance did not announce any changes in mutual stake holdings. The new board, consisting of those four executives, will meet every month in Paris or Tokyo and oversee various projects, helping to make the companies’ operations more efficient, they said.

Ghosn still is one of eight members of Nissan’s board. He had asked to attend the board meeting but was conspicuously absent after the Tokyo District Court rejected his request on Monday.

He needed court approval to attend because conditions for his release last week on 1 billion yen ($9 million) bail, after more than 100 days in custody, prohibit actions that may enable him to tamper with evidence.

Trending:
CNN's Don Lemon Fails to Get Guest to Take 'Bait,' Instead Gets Contradicted on Slavery

Ghosn has been charged with falsifying financial reports by under-reporting his income and with breach of trust. He says he is innocent.

When questioned about Ghosn’s case, Senard said he believed that people are presumed innocent until proven otherwise. He declined comment on whether Ghosn, who remains on Renault’s board, will be allowed to attend its meetings even if he is able to leave Japan. At the moment, as he awaits trial, he is barred from leaving the country.

Renault owns 43 percent of Nissan, which makes the March subcompact, Leaf electric car and Infiniti luxury models. Nissan owns 15 percent of Renault, and a 34 percent stake in Mitsubishi Motors.

Nissan has not yet named a new chairman to replace Ghosn. Senard said he would not pursue that post. Senard will be chairman of the new alliance board and hopes to become vice chairman at Nissan, he said.

Doubts over the balance of power between Renault and Nissan had been growing after Ghosn’s departure.

The Japanese automaker was on the verge of bankruptcy 20 years ago, when Renault sent Ghosn to help lead its turnaround. Nissan is now more profitable than Renault.

Since Ghosn’s release, he has been seen in Tokyo on outings with his family.

He released a statement reasserting his innocence and calling his detention a “terrible ordeal,” but has not commented since.

A statement released on Ghosn’s behalf expressed disappointment over his inability to attend Tuesday’s meeting.

Related:
Police Respond to Simultaneous Mass Shooting and Fire in Maryland Neighborhood

“As an elected member of the board, Mr. Ghosn stands ready to fulfill his professional duties to the shareholders who elected him,” it said.

“It is unfortunate that the meritless and unsubstantiated accusations against him have blocked his ideas and perspective from being deployed in service of the company he served for the past 20 years.”

___

Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama

On Instagram at https://www.instagram.com/yurikageyama/?hl=en

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation