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>> Embattled auto exec Carlos Ghosn has resigned as CEO and Chairman of French car maker Renault, and the company's new leadership team was announced on Thursday morning. Outgoing Michelin boss Jean-Dominique Senard has been named Chairman, and Ghosn's deputy, Thierry Bollore, is the new Chief Exec. It hopes the appointments will help get the relationship with Nissan back on track, and end a leadership crisis after Ghosn's arrest and indictment for financial misconduct put the future of the Renault Nissan partnership in jeopardy.
>> Of course the second major priority is to ensure that the between Renault, Nissan, and Mitsubishi in the framework of the alliance, that this link remain strong, will be strengthened, and will go forward very positively in the future.>> In November Ghosn was charged with failing to disclose more than $80 million in additional compensation, and he was swiftly ousted as Nissan's chairman.
But Ghosn denied that the deferred payment was illegal or required disclosure. Ghosn's resignation comes two decades after he was tasked with rescuing near bankrupt Nissan, something he pulled off in two years, but eversince the arrest, Nissan CEO has tried to weaken Renault's control. With Ghosn now gone, Senard's first task as chairman is to try and sooth relations with his Japanese counterpart, which is 43% owned by Renault, but the largest partner by sales.