France Backs Michelin CEO to Head Renault

The French government, which owns 15% of Renault SA, is ramping up its support for Michelin CEO Jean-Dominique Senard to succeed Carlos Ghosn as head of the carmaker.

Earlier this week France’s Finance Minister Bruno Le Maire described the 65-year-old Senard as “a great industrialist.”

Ghosn remains as the official chairman and CEO of Renault. But those assignments were transferred to other executives shortly after he was arrested in mid-November on Nissan Motor Co. claims of financial wrongdoing. Ghosn has been in custody since then and could remain in jail until his trial begins several months from now.

One source tells Bloomberg News that Senard is favored because he has the experience to sustain the 20-year-old Renault-Nissan alliance that was built and run by Ghosn.

France has been pushing Renault’s board to choose a new chairman now, even though the appointment would not be approved by shareholders until June. Senard is scheduled to step down at Michelin in May.