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  HOME | Business & Economy (Click here for more)

Renault, Nissan, Mitsubishi to Create New Alliance Board

TOKYO – Renault SA, Nissan Motor Co and Mitsubishi Motors Corp plan to create a new decision-making body for their alliance, in an attempt to reset the partnership that was thrown into turmoil by the arrest of former Nissan chairman and Renault chief executive Carlos Ghosn.

The three automakers said on Tuesday that they plan to set up an operating board to oversee the operations and governance of their alliance.

Renault Chairman Jean-Dominique Senard will act as chairman, while Nissan CEO Hiroto Saikawa, Renault CEO Thierry Bollore and Mitsubishi CEO Osamu Masuko will also join the board.

The auto makers said Senard would also be a “natural candidate” to become vice chairman and representative director of Nissan, indicating that a preliminary deal has been reached on an issue that has divided Nissan and Renault since the Nov. 19 arrest of Ghosn, who is accused of underreporting his pay and other financial misconduct at the Japanese car maker. Ghosn has denied the allegations. Nissan had expressed hesitation about replacing Ghosn with Senard as Nissan chairman, a post that remains vacant.

The Wall Street Journal reported the move on Monday, citing unnamed sources.

The companies said the new board will be the sole body overseeing the alliance, replacing structures set up by Ghosn.

“As such, it will be the face and primary driver of the Alliance’s ‘New Start,’” they said.

The new board plans to meet on a monthly basis in either Paris or Tokyo. The Alliance operating board will ask for the creation of specific projects to make recommendations for and drive the execution of new ways to create incremental value for the three auto companies.

 

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