This archive report was first published on 11 October 2019.
On October 11, 2019, Renault's board of directors made the surprise decision to oust CEO Thierry Bollore, citing the need for a new direction for the company. Bollore's departure comes amidst ongoing controversy surrounding former CEO Carlos Ghosn, who was arrested in Tokyo last year on allegations of financial misconduct, which he denies.
Renault's chairman, Jean-Dominique Senard, was appointed earlier this year to help steady the company, and it is believed that he played a key role in Bollore's ousting. Senard has a mandate to overhaul governance at Renault and strengthen ties with alliance partner Nissan.
Renault's shares rose 3.5% following the announcement, and the company has named two deputies to support interim CEO Clotilde Delbos: Olivier Murguet, a top sales executive, and Jose-Vicente de los Mozos, a senior manufacturing and supply chain chief.
Bollore himself denounced his ousting as a 'coup' in a newspaper interview, saying that the speed and unexpected nature of the decision were 'stupefying'. The French government, a key investor in Renault, has expressed its support for Senard and the company's new direction.
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