Renault, Nissan And Mitsubishi Announce "new Start" For The Alliance

Renault, Nissan And Mitsubishi Announce

The CEOs of Renault, Nissan and Mitsubishi announced the creation of a new operating board, signaling what they called a "New Start" for the troubled alliance that was shaken by the charges of financial misconduct against Carlos Ghosn.

Chairman of Renault Jean-Dominique Senard, Nissan’s CEO Hiroto Saikawa, Thierry Bolloré, CEO of Renault and Osamu Masuko, CEO of Mitsubishi in their first joint statement said that the new Alliance operating board will oversee all operations.

The new board will "lay the foundations of the new development stage of the Alliance", composed by the CEOs of the three companies and overseen by Senard.

The creation of the new operating board will not affect the existing structure of the Alliance, as it aims to preserve the independent character of all three car makers. Renault has also agreed in letting Nissan’s special committee to independently pick its next chairman.

Renault, Nissan and Mitsubishi want the new board to supersede the other joint ventures in the alliance, including the Netherlands-based Renault-Nissan BV and Nissan-Mitsubish BV. These joint ventures are currently under investigation in the Ghosn case.

Back in January, Nissan and Mitsubishi accused Ghosn of receiving around $8.9 million from Nissan-Mitsubishi BV as improper compensation. The venture was created to reward employees that propose savings. Nissan and Mitsubishi said that Ghosn used the venture to receive large rewards for himself.

The three carmakers will sign the final agreement at the 20th anniversary of the Alliance. Its new board intends to meet every month in Paris or Tokyo and update stakeholders regularly.