Renault, Nissan, Mitsubishi unveil new joint board post-Ghosn

Renault, Nissan, Mitsubishi unveil new joint board post-Ghosn

Renault, Nissan, Mitsubishi unveil new joint board post-Ghosn

"The proposed arrangement will have no impact on the existence of the RAMA (Restated Alliance Master Agreement), and the cross-shareholding structure, which will both remain in place", added Renault. But the chairman of the new board won't have such authority, the firm said.

"Anyone who knows my father knows that is not true", they said, noting that the former Nissan chairman was awarded the Blue Ribbon Medal by Emperor Akihito, making him the first non-Japanese businessman to receive the accolade.

Nissan and Renault announced that their Amsterdam-based joint venture called Renault-Nissan B.V., which was overseeing the operation of the alliance, will continue to exist and function as a backup alliance operation body for the new board.

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.

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Ghosn, who came onboard to save struggling Nissan in 1999, was the architect of the alliance. Prior to this, there had been discussions on a full merger between Nissan and Renault, but it's not clear whether this will go ahead.

Although he was nearly immediately fired as the head of the company when the allegations surfaced, he is still a board member until April 8, when an extraordinary meeting of shareholders is likely to remove him.

In a complicated management structure, Renault - itself 15-percent held by the French state - owns a 43-percent stake in Nissan.

While the fate of the alliance was the focus of attention, reporters also asked a number of questions regarding its former chief.

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Ghosn was released from a Tokyo detention center last week after more than 100 days in custody, following an unusual court decision allowing him to post bail of one billion yen ($9 million). The court rejected his request, citing the risk of evidence being destroyed if Ghosn communicated with Nissan executives, according to some reports in the Japanese media.

Relations between Nissan and Renault are understood to be strained following the arrest of Ghosn in November 2018 on charges of financial misconduct.

Under the terms of his release, the ousted Nissan chief is forbidden from contacting people who could be involved in his case, including Nissan executives likely to attend board meetings, such as CEO Hiroto Saikawa.

"Our future lies in the efficiency of this alliance", he told reporters at Nissan's headquarters in Yokohama. "And the to respect people and consider them innocent as long as it has not been proven differently".

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