Carlos Ghosn has officially stepped down from his role as Renault’s Chairman and CEO as he faces charges of financial misconduct.
According to reports, Jean-Dominique Senard will take over as chairman while Thierry Bollore will serve as chief executive. Ghosn, who has been detained in Japan since his arrest in November, is accused of failing to disclose more than $80 million in additional compensation from 2010 to 2018. He had previously refused to step down, but calls for a leadership change from the French government and rejected bail requests led him to do so. The French government owns about 15% of Renault.
Renault is part of an alliance with Japanese automakers Nissan and Mitsubishi. According to reports, the future of that alliance could be in jeopardy as a result of the allegations against Ghosn.