France Begins Search to Replace Ghosn at Renault

The French government, which owns 15% of Renault SA, reportedly is looking for a replacement for Carlos Ghosn, the carmaker’s embattled chairman and CEO.

Ghosn has been indicted for failing to report $43 million in deferred income from Nissan Motor Co., where he arrested and then removed as chairman nearly four weeks ago.

Renault’s board announced earlier today that its own preliminary probe found no evidence of wrongdoing by Ghosn at the French carmaker. But sources tell Reuters that several Renault board members are growing impatient with the panel’s reluctance to decide what to do about Ghosn.

Ghosn also has chaired the Renault-Nissan-Mitsubishi alliance, whose future has been clouded by his incarceration. He remains as chairman and CEO of Renault. But those duties have been turned over to outside director Philippe Lagayette and Chief Operating Officer Thierry Bollore, respectively.