Carlos Ghosn resigns from Renault amid financial misconduct scandal
Embattled executive Carlos Ghosn has resigned from Renault ahead of his trial in Tokyo on financial misconduct charges, the French finance minister has said.
“Carlos Ghosn just resigned last night,” Bruno Le Maire told Bloomberg at the World Economic Forum in Davos this morning.
Read more: Ghosn to stay in jail after Tokyo court rejects bail application from ousted Nissan chairman
The Renault board is due to meet at its Paris headquarter today to discuss a replacement for Ghosn.
The car manufacturer is expected to name interim boss Thierry Bollore as chief executive and head of tyre giant Michelin, Jean-Dominique Senard, as chairman.
Ghosn has been in detention since his arrest on 19 November on accusations of underreporting his salary and transferring personal losses to Nissan.
Earlier this week the car boss’s bid to be released ahead of his trial fell flat after a Tokyo court rejected his bail application.
The request included an offer to wear an ankle bracelet, hire guards to monitor Ghosn and posting Nissan stocks as collateral, a spokesperson for the accused businessman said.
He is now likely to remain behind bars until his trial, which may not begin for another six months.
“I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself,” Ghosn said.
The Brazilian-born tycoon has denied the charges of financial misconduct against him.
Ghosn’s resignation from Renault comes after mounting pressure from the French government, which owns a 15 per cent stake in the company.
Read more: Carlos Ghosn offers electronic tagging and holdings in Nissan in bid to overturn bail refusal
Nissan and Mitsubishi, two parts of the three-way alliance, have already ousted Ghosn.
The scandal has rocked the alliance between the car firms, and French authorities are reportedly looking to integrate Renault and Nissan in a bid to stabilise the venture.