Ghosn Will Keep Renault CEO, Chairman Jobs for Now

Renault SA’s board decided last night that Chairman and CEO Carlos Ghosn will retain those posts after being arrested in Japan on suspicion of financial wrongdoing.

But the board says its meetings will be chaired for now by Philippe Lagayette, its highest-ranked independent director. The directors also confirmed earlier media reports that Chief Operating Officer Thierry Bollore has been named temporary deputy CEO.

Bollore, often described as Ghosn’s heir apparent at Renault, has been given the full powers of a CEO. The board, which describes Ghosn as “temporarily incapacitated,” says it had adopted “transitional governance measures” to preserve the interests of Renault and continuity of its operations during the crisis.

The board also has requested that Nissan Motor Co., whose internal investigation led to Ghosn’s arrest, provide it with all information regarding the findings. Ghosn also serves as chairman of Nissan, although that company’s directors are meeting today to decide whether to remove him from that position.

Whether Ghosn will continue as chair of the Renault-Nissan-Mitsubishi alliance is unclear. He has not yet issued a statement about Nissan’s charges against him.