Former Renault-Nissan-Mitsubishi Chairman Carlos Ghosn may be free from jail, the leaders of the three-headed monster don’t want him free to exercise any more influence over the company in his role on the board of directors.
Fortunately, a Tokyo court gave them what they wanted, banning the former boss from taking part in the meeting of the board of the directors.
“Mr. Ghosn is disappointed that the Court denied his request to attend the Nissan Board of Directors meeting,” according to a statement issued by a spokesman.
“It is unfortunate that the meritless and unsubstantiated accusations against him have blocked his ideas and perspective from being deployed in service of the company he served for the past twenty years.”
(Carlos Ghosn released on bail after appeal. Click Here for the story.)
The move gave the alliance time to reformulate the structure of its board of directors without having to undo the alliance — for now anyway. The so-called Restated Alliance Master Agreement that has bound them together so far remains intact, they said.
The new board, which consists of the CEOs of the three company’s and Renault’s chairman, will meet every month in Paris or Tokyo and oversee various projects, helping to make the companies’ operations more efficient, they said.
“We are fostering a new start of the alliance. There is nothing to do with the shareholdings and the cross-shareholdings that are still there and still in place,” Renault Chairman Jean-Dominique Senard said at a news conference.
(Click Here to see how “plot and treason” brought Ghosn down, jailed exec says.)
The start includes leaving Renault’s chairman, in this case, Senard, in charge of the alliance, but not chairman of Nissan. This has long been an issue for Nissan executives, who believe the larger Japanese automaker shouldn’t be controlled by the small European brand.
Senard cemented this idea saying he had no desire to be Nissan’s chairman, but would instead be an “natural candidate” for vice chair. But the automakers gave no indication of any immediate change in their cross-shareholding agreement, one which has given smaller Renault SA more sway over Nissan.
Nissan CEO Hiroto Saikawa said in the past he believed that Ghosn wielded too much power, creating a lack of oversight and corporate governance. It was not clear who would become Nissan’s chairman, vacant since Ghosn was arrested in Japan in November. Saikawa said he would not take the post, instead saying he’s resigning, but didn’t offer a date it would be effective.
(Ghosn’s new attorney blasts Nissan, Japanese prosecutors. Click Here for more.)
Ghosn has been charged with falsifying financial reports by under-reporting $82 million of his income and with breach of trust. He has maintained his innocence since his arrest late last year when he arrived in Japan.