Renault’s CFO is interim CEO after Bollore ouster

Renault CEO Bollore fired

Renault ousts CEO in post Ghosn-era reset

Paris: French automaker Renault sacked its chief executive Thierry Bollore Friday, the latest turbulence to rock the company since his predecessor Carlos Ghosn was arrested on financial misconduct charges a year ago.

But Mr Bollore had had an uneasy relationship with Nissan, according to sources familiar with the matter, and Renault and the French state, its key shareholder, have repeatedly emphasised their wish to fix ties and reinforce the alliance. Further inside the bid, having had a couple of new airs over the wheel, Renault Chair Jean-Dominique Senard said on Friday (October 11th) following reveal of the company decision to introduce a new face as CEO, "We're at a new stage now for this alliance". These would now be the first priority, according to a source close to the carmaker.

The French finance ministry expressed its support of Senard on Thursday evening - after Bollore's comments were published - and said in a brief statement Senard was trusted to submit the " necessary decisions" to Renault's board of directors.

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The company, like its alliance partner Nissan, is still reeling from the arrest in Tokyo previous year of former boss Carlos Ghosn on allegations of financial misconduct, which he denies.

Renault officially announced the move in a press release on Friday, confirming the Board of Directors "decided to end the mandate of Mr Thierry Bolloré as Chief Executive Officer of Renault SA and President of Renault s.a.s with immediate effect".

"The brutality and the totally unexpectedness of what is happening is stunning", Bollore told financial daily Les Echos.

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The 52-year-old also held roles within the partnership, taking charge of control and performance at the Renault-Nissan alliance in 2014. At the same time, the change at the top may also help Renault-Nissan to renew talks with FCA group over a possible merger, which fell earlier this year.

Nissan picked Makoto Uchida, previously the head of its Chinese business, to replace Hiroto Saikawa, who stepped down as CEO in September after he admitted to being improperly overpaid.

Speaking to staff on Thursday in an internal video exchange, Bollore referred to the media buzz and said that what mattered for the company was its alliance with Japan's Nissan Motor Co Ltd, and that it was "not a question of people", the Renault sources said. "This coup de force is very worrying", Mr Bollore told Les Echos.

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