| 1:17 AM EST

Renault Overhauls Its Executive Committee for Post-Ghosn Era

Renault SA has restructured its executive committee, expanding its numbers from eight to 12, seven of whom are new to the panel.
#Mitsubishi #Renault #europe

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Renault SA has restructured its executive committee, expanding its numbers from eight to 12, seven of whom are new to the panel.

The move is part of a broader initiative involving all members of the Renault-Nissan-Mitsubishi alliance. Its aim is to dismantle a structure that concentrated extraordinary power in the hands of Carlos Ghosn, the former chairman of all three carmakers and the two entities that managed their partnership.

Ghosn has since been stripped of all five chairmanships and his position as CEO of Renault. He has been indicted on multiple counts of financial misdeeds at Nissan, including failing to report some $82 million in deferred compensation over eight years..

The new structure removes Ghosn loyalist Mouna Sepehri from the committee. She had served as general secretary with oversight of corporate governance, legal and public affairs. Sepehri has been implicated in an effort to find legal methods to channel unreported compensation to Ghosn through a Dutch venture.

The venture, set up to manage alliance relations between Renault and Nissan, reportedly made €500,000 in payments to Sepehri over four years that were not revealed to the Renault board.

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