Corporate Coup? Renault Officially Needs a New CEO

Matt Posky
by Matt Posky
corporate coup renault officially needs a new ceo

Renault’s board of directors met today to decide the fate of CEO Thierry Bolloré. Though we should say ex-CEO, because they fired him.

As the most recent executive to become subject to the management shakeup that’s bent on removing anyone within the Renault-Nissan-Mitsubishi Alliance with ties to defamed founder Carlos Ghosn, Bolloré called the board’s decision surprising ( it wasn’t). Speaking with France’s Les Échos, he contended that he was more concerned with the wellbeing of Renault than corporate politics and expressed fears that the alliance could be falling apart as Japan aggressively seeks to remove more Ghosn-era hires.

“I appeal to the highest level of the State shareholder, guarantor of the rules of good governance, not to destabilize Renault, flagship of our French industry,” he said. “This coup is very disturbing, it is very important to understand the ins and outs of what is happening in Japan.”

Bolloré was selected by Ghosn as his apparent successor and, after doing time as the Renault’s COO, ended up being appointed as CEO just two months after Ghosn’s arrest in November of 2018. While there have been no formal accusations leveled against Bolloré, other high-ranking alliance members have become wrapped up in the scandal — including former Nissan CEO Hiroto Saikawa.

According to Bolloré, his ties to that group are the only items Renault could possibly hold against him — noting that the board had unanimously endorsed his placement as COO. He also addressed rumors that Renault’s chairman, Jean-Dominique Senard, had aggressively been pressing for the ouster and was never liked him.

“I boarded a plane in Tokyo on Tuesday night and landing at 4 am in Paris on Wednesday. I learned through the press that President Jean-Dominique Senard, who until then had been saying there was not a sheet of cigarette paper between us, wanted me to leave,” Bolloré recalled. “I have always been loyal to him.”

Insider sources have confirmed Senard’s disdain was legitimate, adding that some of the company’s top brass also blamed Bolloré for declines in Renault’s financial performance. The man himself said that was ridiculous.

“This is all the more inexplicable because Renault is one of the very few car manufacturers that has not made a profit warning despite the sectoral crisis we are facing. We have anticipated on the electric vehicle [front] and will not pay penalties related to the new [emission] standards. Despite the shocks that have weakened our alliance with Nissan since last November, we have entered into strategic partnerships with Google and Waymo. And on the industrial front, Daimler-Mercedes also continues to trust us,” he said.

Renault has decided to tap Clotilde Delbos as its chief executive officer until a suitable replacement can be found. She’ll be assisted by Olivier Murguet and José-Vicente de los Mozos, who will serve as deputy directors. Of the three, Delbos is the newest to both Renault and the automotive industry. She joined the company in 2012, coming from a background in industrial finance, and will continue serving as the automaker’s chief financial officer while taking over for Bolloré.

[Image: josefkubes/Shutterstock]

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  • Jeff S Jeff S on Oct 13, 2019

    @Lorenzo--Agree. The Japanese Government should take over Nissan and reach a settlement with Renault to repurchase their Nissan shares and to sell back to Renault any Renault shares that Nissan holds. A new company formed from a merger of Nissan-Mitsubishi would be better. The French are known for their bad weirdly styled vehicles and bad cigarettes. Get the new company on its feet and then privize it as a Japanese company.

    • Inside Looking Out Inside Looking Out on Oct 13, 2019

      The problem is that Japanese taxpayers have to foot the bill when Japanese economy is on brink of collapse, They can hardly afford any more debt. P.S. And yeah, home prices will never go down and housing market is a backbone of American economy and will never collapse. And big banks will never fail either. How that turned out?

  • Schmitt trigger Schmitt trigger on Oct 14, 2019

    This is a slow moving train wreck. I sincerely don't know what will happen in the future, but my guess (and it is only a wild guess) is that both Renault and Nissan will be forcibly merged with another company. The former with PSA, the latter with Toyota or Honda.

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  • Slavuta One can put a secret breaker that will disable the starter or spark plug supply. Even disabling headlights or all lights will bring more trouble to thieves than they wish for. With no brake lights, someone will hit from behind, they will leave fingerprints inside. Or if they steal at night, they will have to drive with no lights. Any of these things definitely will bring attention.I remember people removing rotor from under distributor cup.
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  • Johnster Another quibble, this time about the contextualization of the Thunderbird and Cougar, and their relationship to the prestigious Continental Mark. (I know. It's confusing.) The Thunderbird/Mark IV platform introduced for the 1971 model year was apparently derived from the mid-sized Torino/Montego platform (also introduced for the 1971 model year), but should probably be considered different from it.As we all know, the Cougar shared its platform with the Ford Mustang up through the 1973 model year, moving to the mid-sized Torino/Montego platform for the 1974 model year. This platform was also shared with the failed Ford Gran Torino Elite, (introduced in February of 1974, the "Gran Torino" part of the name was dropped for the 1975 and 1976 model years).The Thunderbird/Mark series duo's separation occurred with the 1977 model year when the Thunderbird was downsized to share a platform with the LTD II/Cougar. The 1977 model year saw Mercury drop the "Montego" name and adopt the "Cougar" name for all of their mid-sized cars, including plain 2-doors, 4-doors and and 4-door station wagons. Meanwhile, the Cougar PLC was sold as the "Cougar XR-7." The Cougar wagon was dropped for the 1978 model year (arguably replaced by the new Zephyr wagon) while the (plain) 2-door and 4-door models remained in production for the 1978 and 1979 model years. It was a major prestige blow for the Thunderbird. Underneath, the Thunderbird and Cougar XR-7 for 1977 were warmed-over versions of the failed Ford Elite (1974-1976), while the Mark V was a warmed-over version of the previous Mark IV.
  • Stuart de Baker This is depressing, and I don't own one of these.