Report: France May Tout Michelin CEO to Replace Ghosn at Renault

The French government, which owns 15% of Renault SA and controls two of its board seats, may recommend that embattled Chairman Carlos Ghosn be replaced by Michelin & Cie. CEO Jean-Dominique Senard, sources tell Le Figaro.

Senard (left) is scheduled to step down as the tiremaker’s chief when his contract expires next year. One of the French newspaper’s sources notes that the 65-year-old, besides being available, is a highly regarded, international executive with deep links to the auto industry.

Ghosn was arrested in Japan on Nov. 19 and charged on Dec. 10 with underreporting his compensation as chairman of Nissan Motor Co. by $43 million in 2010-2014. Prosecutors also filed new charges that he and the company did the same with $37 million in pay from 2015 to 2017. The new filing blocks Ghosn from being released on bail for 20 days.

Renault said last week that its own preliminary audit of Ghosn’s compensation turned up no evidence of financial wrongdoing at the French carmaker. But Reuters notes that some of Renault’s 19 board members have expressed concern about retaining Ghosn as an officer of the company in light of the Nissan charges.