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Carlos Ghosn resigned as Renault boss



A spokeswoman for the French Treasury said Ghosn, who is in jail in Tokyo, stepped down on Wednesday night. The French State owns 15% of Renault ( RNLSY ) .
Ghosn was arrested on 19 November in Tokyo. He was indicted by Japanese prosecutors for financial misconduct as boss of the automaker. Nissan ( NSANF ) . Ghosn denies the allegations.
His downfall has weighed on the global alliance he has built between Nissan, Renault and Mitsubishi Motors.
Nissan and Mitsubishi fired him shortly after his arrest as chairman, but Renault's board objected to the calls against him and said he did not have enough information. But the French government gave up its support for Ghosn last week and was only a matter of time.

Renault is scheduled to hold a board meeting Thursday to presumably appoint a new chairman and a new CEO to replace Ghosn.

Probable candidates include Chief Operating Officer Thierry Bolloré, who was named incumbent CEO after Ghosn's arrest.

Jean-Dominique Senard, who retired as CEO of the tire manufacturer Michelin ( MGDDY ) ) ] could become Renault chairman.

The installation of a new leadership team could dispel some fears about the future of Renault without Ghosn at the helm.

The alliance between Renault and Nissan was founded in 1

999 at a time when the Japanese company was threatened with collapse.

Ghosn, who is credited with the rapid turnaround of Nissan's business, brought Mitsubishi under control as it struggled with him in 2016.

Saskya Vandoorne, Julia Horowitz and Jethro Mullen contributed this report.


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