Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Renault ousts chief executive in 'coup'

Renault ousts chief executive in 'coup'

Thierry Bolloré is abruptly dismissed by the French carmaker after only nine months in the role.

French car manufacturer Renault has dismissed its chief executive, Thierry Bolloré, with immediate effect.

The current finance director, Clotilde Delbos, has been appointed to run the business on an interim basis.

Renault's move comes close on the heels of the decision by its industrial partner Nissan to appoint a new chief executive earlier this week.

Mr Bolloré has described the manoeuvering against him as a "strong-arm coup".


Intense infighting


As corporate bloodlettings go, this was brutal and ruthless.

Mr Bolloré told a French newspaper that he only became aware of attempts to get rid of him when he stepped off a plane in Paris in the early hours of Wednesday morning.

Renault chairman, Jean-Dominique Senard was behind the move and appears to have had the endorsement of the French government, a 15% shareholder in Renault.


So what happened?


Mr Bolloré was appointed in January, in the wake of a major scandal involving his predecessor, Carlos Ghosn.

Mr Ghosn, who was also chairman of Nissan and presided over the global alliance between Renault, Nissan and Mitsubishi, was arrested in Tokyo last year.

He remains in custody on charges of financial wrongdoing, which he denies. He claims he was a victim of a plot orchestrated by Nissan executives, who were anxious to prevent a merger between the company and its French partner.

The fallout from his arrest has been severe, triggering a period of intense infighting within the Nissan boardroom and poisoning the relationship with Renault.

Since then, both companies have seen a steep fall in profits, while Nissan has been further tainted by financial scandal.

Earlier this week, Nissan appointed a new chief executive, Makoto Ushida, in an effort to stop the rot, get the company back on track and smooth ruffled feathers at Renault.

The removal of Mr Bolloré - once a close associate of Carlos Ghosn - may also have been intended, at least in part, to heal the rift between the two companies, although it is understood the the poor performance of the business itself was a major factor.

So where does all this leave the Renault-Nissan-Mitsubishi Alliance, collectively one of the world's biggest car manufacturing groups?

The links between them are strong - Renault has a 43% shareholding in the Japanese firm, their logistics networks are heavily intertwined, and they share a range of technology. Unwinding all that would not be easy.

But insiders say the damage done by the upheaval of the past year runs deep within the fabric of both businesses. So keeping them together, and restoring a cordial relationship may not be easy.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×