Carlos Ghosn replaced at Renault following resignation

24 January 2019, 08:49 | Updated: 24 January 2019, 13:47

Carlos Ghosn has formally resigned as chief executive and chairman of Renault as he fights charges linked to alleged financial misconduct.

His successors were announced hours after the French government confirmed that Mr Ghosn - once the world's most powerful car boss - had alerted the company to his departure on Wednesday night.

Mr Ghosn had previously been ousted from his leadership roles at Nissan and fellow industry partner Mitsubishi amid charges he under-reported his income as chairman of Nissan and falsified financial reports.

He remains in a Tokyo prison awaiting trial having twice been denied bail.

He has pledged to fight the claims and clear his name.

Mr Ghosn was detained two months ago - along with a fellow Nissan director - after an internal investigation by Nissan uncovered alleged misconduct to the tune of tens of millions of pounds.

Nissan, which dismissed him immediately, said on Thursday it was now preparing to hold an extraordinary shareholders' meeting by mid-April to remove its former chairman from the board.

"The agenda is to be limited to the discharge of directors Carlos Ghosn and Greg Kelly, and the appointment of a new director to be nominated by Renault," its statement said.

The announcements signalled that the three-way partnership between Renault, Nissan and Mitsubishi is on course to continue following initial jitters the episode could blow them apart.

Renault, which has a 43% holding in Nissan, is itself 15% owned by the French taxpayer.

The company had refused to follow the lead of its partners by sacking Mr Ghosn - citing a lack of evidence.

But the French government had demanded a change of leadership and successors to Mr Ghosn at Renault.

It was confirmed on Thursday lunchtime that Jean-Dominique Senard of Michelin would replace Ghosn as chairman while Renault executive Thierry Bollore - who has been in an interim leadership role - was appointed chief executive.

Nissan's chief executive, Hiroto Saikawa, welcomed Renault's new leadership as he seeks to bolster governance across the three-way partnership.

He told reporters at the company's Japanese headquarters: "This is a first step as we turn a page in the alliance."