Renault, Nissan, Mitsubishi announce creation of new joint board

    New board replaces and incorporates existing joint ventures and committees; headed by Renault chairman Jean-Dominique Senard.

    Published On Mar 12, 2019 05:53:00 PM

    6,977 Views

    Renault, Nissan, Mitsubishi announce creation of new joint board

    Renault, Nissan and Mitsubishi have promised “a new start” to their alliance as they attempt to move on from the arrest and dismissal of prior chief Carlos Ghosn.

    In a recent memorandum of understanding (MoU) the three carmakers confirmed the creation of a new board, headed up by Renault chairman Jean-Dominique Senard. The other three key members will be the CEOs of each firm – Renault's Thierry Bolloré, Nissan's Hiroto Saikawa and Mitsubishi's Osamu Masuko.

    The new board replaces and incorporates existing joint ventures and committees formed by the three companies under a single entity.

    The MoU said that operational decisions taken by the board will be “consensus-based, furthering the Alliance’s ‘win-win’ approach”.

    The new board will drive the operational co-operation between Nissan, Renault and Mitsubishi Motors and look for new ways to generate value for its respective shareholders and employees. The MoU promised to accelerate operational activities “through key focus on deliveries of strategic common projects” that will reported to the board for “quick decision making”.

    Hoping to placate Nissan after the Ghosn fallout, Renault has also agreed to let Nissan’s special committee – a panel of outsiders – select Ghosn's replacement as Nissan chairman. The MoU said Senard should be “a natural candidate for the position of vice chairman and a representative director of Nissan."

    Relations between Nissan and Renault are understood to be strained, following the arrest of Ghosn in November 2018 on charges of financial misconduct. Prior to this, there had been discussions on a full merger of Nissan and Renault, but it's not clear whether this will go ahead.

    Ghosn remains a director at Nissan and Renault despite being stripped of his titles; but a meeting of Nissan shareholders on April 8, 2019 will decide his removal from the board.

    Renault Cars

    Copyright (c) Autocar UK. All rights reserved.

    Comments

    ×
    img

    No comments yet. Be the first to comment.

    Ask Autocar Anything about Car and Bike Buying and Maintenance Advices
    Need an expert opinion on your car and bike related queries?
    Ask Now

    Search By Car Price

    Poll of the month

    Which brand showed the best India-bound two-wheelers at EICMA 2024?

    Hero (Xpulse 210, Xtreme 250, Karizma XMR 250, Vida Z)

     

    37.91%

    Royal Enfield (Classic 650 Twin, Bear 650, Flying Flea C6)

     

    28.82%

    KTM (390 Adventure R, 390 SMC R, 390 Enduro R)

     

    19.46%

    Aprilia (Tuono 457, Tuareg Rally)

     

    13.81%

    Total Votes : 1079
    Sign up for our newsletter

    Get all the latest updates from the automobile universe