Chief Executive of Renault Removed By Board Of Directors
The Chief Executive of Renault, Thierry Bolloré, was fired through a vote by the automaker’s board members.
The board of directors had a vote on Friday with 15 directors voting in support for Bolloré’s removal and three abstaining from the vote. The chairman of the board, Jean-Dominique Senard felt that the entire process could have been handled more appropriately.
“I had hoped this would be done differently,” Mr. Senard said.
Bolloré himself was discontent with the tone behind his removal.
“The brutality and the totally unexpected character of what is happening are stupefying,” Bolloré said.
The removal comes at a time when Renault is trying to stabilize itself after an overcompensation scandal rocked Nissan. Board directors worried that Bolloré’s close ties to Mr. Ghosn, the recently ousted Nissan executive, would harm the company’s profitability.
While this financial scandal played itself out, Bolloré was appointed as the lead in overlooking Renault’s operations. It was believed that he would help Renault weather the storm. However he has been ineffective at managing relationships with Nissan’s executives.
Shares increased in value by 3% when Bolloré’s departure was announced. The board of directors held a vote because Bolloré refused to resign.
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