Ghosn to Step Down As Renault CEO Before End of Term

Matt Posky
by Matt Posky
ghosn to step down as renault ceo before end of term

It appears as if Carlos Ghosn will step down as chief executive of Renault prior to the end of his term. While he’ll likely continue serving as chairman of Renault and CEO and chairman of the Renault-Nissan-Mitsubishi Alliance, he’s planning to lighten his load with the French automaker.

Despite having renewed his contract with Renault, which runs until 2022, the 64-year-old executive previously said he’s wearing too many hats. Ghosn stated at the time that he hoped to scale back his workload before retiring. Apparently, the next step in that process involves ditching his day-to-day duties as a chief executive.

“You can suspect before 2022 I will stop being CEO of Renault,” Ghosn told the Financial Times.

Last year, the executive also stepped away from his daily duties at Nissan. No longer preoccupied with turning the automaker around, his focus shifted toward building a lasting relationship within the automotive alliance. That remains his primary goal today, and it’s something he can accomplish without being CEO. He may be hoping to solidify the partnership as his final act before leaving his post.

Last September, the alliance unveiled a 2022 mid-term plan that aimed to increase annual synergies to more than 10 billion euros, up from 5 billion in 2016.

Some of Ghosn’s responsibilities have already been passed to Renault’s newly appointed chief operating officer, Thierry Bolloré. He’s also the most likely candidate to replace the CEO when the time comes.

Renault will hold its annual meeting on Friday and vote on Ghosn’s salary, among other things. The last such event resulted in a 20 percent pay reduction and mandatory help in his daily duties. While the brand saw noteworthy growth in 2017, some shareholders have stated his multiple roles means he’s making too much money already.

The French government, which holds a 15 percent stake in Renault with double voting rights, has also said it would propose the CEO’s proposed remuneration package. Whether or not this influenced Ghosn’s decision to abandon his post early is unknown.

[Image: Nissan]

Join the conversation
2 of 3 comments
  • Syke Syke on Jun 14, 2018

    When the shareholders start grumping about your pay, it's time to consider doing something else. Even if that means doing nothing. And the shareholders are cutting his pay? Obviously, this is not an American company.

  • Darkdowgow Darkdowgow on Jun 14, 2018

    Let’s see. CEO that is moonlighting as ceo for 4 other companies traded for F&I guy as next ceo. So much sad

  • ToolGuy VW (marque not group) and Tesla very nearly switched positions on a YTD basis.
  • RHD Inexpensive gasoline appears to be a thing of the past. ILO is correct - we have enough sunlight, wind and emerging ocean wave energy to power the entire country and then some. Clean air is nice, and being free of the whims of OPEC, geopolitics and hugely profitable oil companies will do all of us a world of good.
  • Raymond Segura Can you tell me where I can get the rear bumper for 69 impala?
  • Art Vandelay some of the crazy numbers I get. Percentages look bigger with any fluctuations with low volume makes and brands leaving the market will see massive month over month changes. But what’s with Buick? I still see the occasional ad on TV and yet the drop is disproportionate even compared to all the other GM brands.
  • Master Baiter "There is no mandate for consumers to buy EVs, not in any country or state. That’s made up."Right. And you are not mandated to purchase a toilet that only uses 1.6 gallons/flush. You could choose to not have a toilet--just go in the woods, like the bears do.