Renault announces Carlos Ghosn's replacement

Renault has appointed former Michelin CEO, Jean-Dominique Senard, as its new chairman following the resignation of Carlos Ghosn.

Ghosn, who held the roles of chairman and CEO until his resignation this week, was arrested in Japan last November over allegations of financial impropriety. He strongly denies any wrongdoing but, following a period of over two months in jail, has finally stood down from his position at the top of Renault.

The board of the French car manufacturer met on Thursday to discuss a new leadership structure and decided to split the roles of chairman and CEO between two individuals. It appointed Senard as chairman and, on Senard's proposal, made Thierry Bolloré its new CEO.

In his new role, Senard will review the governance of the company and will take full responsibility for its alliance with Japanese manufacturers Nissan and Mitsubishi.

"The new Chairman of the Board of Directors of Renault will have to evaluate and, if necessary, change Renault's governance in order to ensure the transition to the new structure," a statement said. "He will present his proposals on the evolution of governance to the Board of Directors before the next General Shareholders' Meeting.

"In addition, Renault's Board of Directors wishes to supervise actively the functioning of the Alliance and decides to give its Chairman full responsibility for managing the Alliance on behalf of Renault, in liaison with the Chief Executive Officer.

"In this capacity, the Chairman of Renault's Board of Directors will be the main contact person for the Japanese partner and the other Alliance partners for any discussion on the Alliance's organization and evolution. He will propose to the Board of Directors any new Alliance agreement that he considers useful for Renault's future. He will be Renault's main representative in the Alliance's management bodies and at Nissan when Renault has the right of proposal."

Renault's Formula One team is currently preparing to launch its 2019 car on February 12 after signing Daniel Ricciardo from Red Bull to partner Nico Hulkenberg this year.

Earlier this month, the team confirmed that Jerome Stoll will stay on as president of Renault Sport Racing, which includes the Formula One team, after the sudden departure of Thierry Koskas, the executive who was supposed to replace him. Koskas, who was a member of Renault's executive committee reporting to Ghosn under the previous management structure, was appointed as 64-year-old Stoll's successor last November and had been due to start this month following a fact finding mission at the final race of the 2018 season in Abu Dhabi.

Cyril Abiteboul continues as Renault Sport Racing's managing director and the de facto team principal of the F1 team.