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Renault, Nissan, Mitsubishi unveil new joint board post-Ghosn

AFP  |  Yokohama 

Carmakers Renault, and announced the creation of a joint board Tuesday, as they seek to plot a future for their alliance after the downfall of former boss

The new board structure will be headed by and replaces two previous bodies based in the -- one joining and Nissan, the other combining and

"We have decided to join our forces again, to enhance the strength of our collaboration." Senard told reporters.

This is a "new start" for the alliance, Senard said.

Ghosn, recently released on bail in ahead of a trial over alleged financial misconduct, is widely credited with creating the three-way alliance, which now outsells all other rival groups.

As boss of Renault, he took what many observers at the time thought was a gamble by saving from the brink of bankruptcy and tying it to the French firm.

In a complicated management structure, -- itself 15-percent held by the French state -- owns a 43-percent stake in Nissan.

However, the Japanese firm has outperformed Renault recently and it is thought that many Nissan executives were unhappy with the French company's dominance within the alliance.

In an interview with AFP in January from inside his detention centre, Ghosn himself said his arrest it was a "story of betrayal" based on resentment in the Japanese automaker.

His downfall was plotted due to "opposition and anxiety" over the plan to bring Nissan and Renault closer together, Ghosn alleged.

The 65-year-old tycoon wanted to attend Tuesday's board meeting in but was barred by the court.

Although he was almost immediately fired as the of the company when the allegations surfaced, he is still a until April 8, when an extraordinary meeting of shareholders is likely to remove him.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 12 2019. 14:00 IST
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