Renault Nissan Mitsubishi Alliance Reconfigures Board of Directors

Nissan may ask ex Toray boss Sakakibara to chair board meetings

The shuffling of key executives underscores the unwinding of a power structure built during nearly two decades by Mr Ghosn, who is accused of falsifying financial records and breach of trust by Japanese prosecutors.

That culminated in the formation this week of a new governance board for the alliance between Nissan, Renault and Mitsubishi.

"In response to latest press reports, Renault confirms that it is in discussions with its Alliance partners Nissan Motor and Mitsubishi Motor regarding the establishment of a new Alliance body in order to enhance and ensure further collaboration", Renault stated.

The notice says the agenda also includes the election of Renault Chairman Jean-Dominique Senard as a director, on the condition that Ghosn is ousted.

The notice, signed by Nissan President Hiroto Saikawa, will be sent out Thursday, Nissan Motor Co. said.

Nissan also said Arun Bajaj, who served as alliance human resources chief, will exit the company. In Japan, preparations can take months.

He was granted bail last week at the third time of asking, with bail set at 1 billion yen (9 million USA dollars) and released under the provisos that he will not leave Japan and remain under limited video surveillance at the entrance to his residence.

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.

Senard also said Ghosn should be considered innocent until proven guilty.

"The event space at Versailles was made available to him without charge, and Mr Ghosn was unaware that the use of the space would be charged against Renault's allotted usage", his French-based lawyer Jean-Yves Leborgne said in February when the allegations came to light, adding that Ghosn had paid for all of his wedding expenses.

The other charge relates to an alleged attempt to pass off personal investment losses onto Nissan's books and then paying from company funds a Saudi contact who had previously stumped up collateral for him.

Mr Senard told reporters. This has always been an issue for Nissan executives, who believe the larger Japanese automaker shouldn't be controlled by the small European brand. Renault holds a 43.4 percent stake in Nissan which owns a 15 percent stake in its French peer.

Ghosn's dramatic arrest in November has caused concerns about the future of the three-way alliance, the world's largest maker of automobiles excluding heavy trucks.

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