- Title: Renault board to meet, as CEO denounces potential exit as 'coup'
- Date: 11th October 2019
- Summary: BOULOGNE-BILLANCOURT, FRANCE (FILE - JANUARY 24, 2019) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** RENAULT'S THEN NEWLY APPOINTED CEO THIERRY BOLLORE AND THEN NEWLY-APPOINTED CHAIRMAN JEAN-DOMINIQUE SENARD DESCENDING STEPS RENAULT SIGN SENARD AND BOLLORE SHAKING HANDS MAUBEUGE, FRANCE (FILE - NOVEMBER 8, 2018) (REUTERS) THEN CHAIRMAN AND CEO FOR RENAULT, CARLOS GHOSN TALKING TO THEN RENAULT COO, THIERRY BOLLORE VARIOUS OF CARS BEING ASSEMBLED IN RENAULT FACTORY VARIOUS OF WORKERS IN WORKSHOP BOULOGNE-BILLANCOURT, FRANCE (FILE - JANUARY 24, 2019) (REUTERS) VARIOUS EXTERIORS OF RENAULT GROUP HEADQUARTERS SIGN THAT READS "GROUPE RENAULT"
- Embargoed: 25th October 2019 09:18
- Keywords: Senard Bollore Renault
- Location: BOULOGNE-BILLANCOURT AND MAUBEUGE, FRANCE
- City: BOULOGNE-BILLANCOURT AND MAUBEUGE, FRANCE
- Country: France
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA001B0NL8AV
- Aspect Ratio: 16:9
- Story Text: Renault SA's CEO, Thierry Bollore, denounced as a "coup" his potential exit from the French carmaker, which has called a board meeting on Friday (October 11) to discuss governance matters.
Bollore also told Les Echos newspaper on Thursday he was appealing to the key Renault shareholder, the French state, to avoid destabilizing the company.
"The brutality and the totally unexpected character of what is happening are stupefying ... This coup de force is very worrying," Bollore said.
A source close to the French government - a major Renault shareholder - earlier this week confirmed that a senior management shake-up at Renault was on the cards.
Le Figaro newspaper reported that Chairman Jean-Dominique Senard was poised to kick off a process to replace Bollore.
The company, like its alliance partner Nissan, is still reeling from the arrest in Tokyo last year of former boss Carlos Ghosn on allegations of financial misconduct, which he denies.
Bollore, for a long time Ghosn's right-hand man, was promoted to help steady Renault earlier this year, while Senard was hired from Michelin to chair the group.
As well as stabilizing the alliance with Nissan, Senard was tasked with shaking up Renault's governance, which he had yet to do.
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