Renault lost the CEO and the last buyer of enginesOctober 16, 2019
Last weekend turned into a major upheaval for Renault. CEO Thierry Bollore, who took office only in January following the results of a corruption scandal with Carlos Ghosn, was removed from his post. His duties were temporarily assigned to Clotilde Delbo, who previously held the position of financial director of the company. She was part of the so-called Orange Group at Renault, which pushed for closer ties with Nissan, including a merger.
The dismissal of Bollore was initiated by Chairman Jean-Dominic Senard, CEO of Michelin, who joined the Renault Board of Directors. He noted that the resignation “there was nothing personal, just the alliance needs a new start and requires a new management.”
It should be noted that Nissan CEO Hiroto Saikawa, who is suspected of financial misconduct, also previously resigned. Now, as expected, Renault and Nissan can start from scratch to restore relations in the alliance, as well as regain the confidence of customers. Companies can redistribute the balance of power. From 1999 to the present, a controlling stake in Nissan (43%) has been in Renault’s hands.
Senard noted that Renault is in no hurry to find a permanent CEO, as the candidate “must understand the imperatives of the alliance in an international context.”
The second news was the loss of the last buyer of Renault engines for Formula 1. McLaren has refused further cooperation after 2020, as it will move to a partnership with Mercedes.
“Next year, Renault will not feel any impact since the engines are already assembled.” However, even a commercial agreement expires, the company “will not lose profits, since it supplies engines at cost,” says Renault.
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