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Renault Board Member Quits Ahead of Meeting on Succession
Thierry Desmarest, a member of Renault SA’s board for a decade, has resigned just days before CEO Carlos Ghosn is expected to seek director support for his choice as a successor, sources tell Reuters.
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Thierry Desmarest, a member of Renault SA’s board for a decade, has resigned just days before CEO Carlos Ghosn is expected to seek director support for his choice as a successor, sources tell Reuters.
They say Desmarest, who chaired the board’s strategy committee, had intended to retire from Renault’s board after the carmaker’s shareholder meeting in June. He reportedly will attend a board meeting this week about Ghosn’s plan but will abstain from voting.
Desmarest is the former CEO of French oil giant Total SA. Reuters notes that at least two directors other than Desmarest have bridled at Renault’s CEO search process, which ignored candidates from outside the company.
Thierry Bollore, Renault’s chief competitive officer, is widely expected to be named to the newly created position of chief operating officer this week. The move would put him in line to succeed Ghosn, who reportedly will be asked to continue as CEO for a few more years.
Critics say the French government, which owns 15% of Renault, is exerting a heavy hand in the succession plan after vowing not to get involved with the carmaker’s business decisions. The government wants a French insider to follow Ghosn, according to Reuters.
Stefan Mueller, a German-born former BMW executive who was named Renault’s chief performance officer in 2016, quit last week after being blocked for consideration as COO, a source tells Reuters.
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