Michelin CEO Senard named Renault chairman

Paris — French car maker Groupe Renault has confirmed the appointment of Michelin Group CEO Jean-Dominique Senard as its new chairman, the company announced 24 Jan.

Interim CEO Thierry Bollore has been appointed as the new CEO to replace Carlos Ghosn, who's in custody in Japan under suspicion of various compensation manipulations.

Senard, with the backing of all participants in Michelin's governance system, has agreed to take the Renault post, effective 24 Jan.

He will continue to serve as Michelin CEO until his term expires in May.

Florent Menegaux — Senard's designated successor — will assume the CEO's job officially in May. He already has taken on an increasingly significant role in steering the group in cooperation with Senard, Michelin said.

Renault's board of directors has decided to give the new chairman "full responsibility" in liaison with the CEO for managing the Alliance with Nissan Motor co. on behalf of Renault, the French car maker said.

As Renault replaces Ghosn, the emerging leadership tandem likely will split his responsibilities in line with the wishes of France, its most powerful shareholder.

Senard, Michelin's CEO since 2012, will be charged with smoothing out the strained relationship with partner Nissan, a person familiar with the matter said.

Bollore, who was serving as interim CEO, will now handle daily operations as permanent CEO.

Renault's board met 24 Jan to appoint new leadership following the resignation of Ghosn after 14 years as CEO and a decade as chairman.

Ghosn, 64, has been in custody in Japan since 19 Nov, when police boarded his jet shortly after it landed at Tokyo's Haneda airport.

He's been charged with understating his income by tens of millions of dollars at Nissan and transferring personal trading losses to the company.

If convicted, he could face decades in jail. He has denied wrongdoing.

Bloomberg and Reuters contributed to this report; additional reporting by Tire Business staff