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Ghosn steps down from top Renault job

Just over two months ago, Carlos Ghosn was the most powerful man in the car manufacturing industry. Today, the 64-year-old faces a decade behind bars and has officially resigned as chairman and CEO of Renault.

Ghosn was arrested in Japan back in November on financial misconduct charges, where he remains in custody. He was subsequently sacked as chairman of Nissan and Mitsubishi, with today marking a new era of the Renault-Nissan-Mitsubishi Alliance.

French Finance Minister, Bruno Le Maire confirmed Ghosn’s resignation saying a senior director of the firm “received last night the letter of resignation from Carlos Ghosn”.

The Renault board will hold a meeting in Paris where it is expected Michelin CEO, Jean-Dominique Senard will be appointed as chairman of the firm, while Thierry Bollore – currently interim CEO of Renault – is expected to be named permanent chief executive.

Having been denied bail, Carlos Ghosn could remain in custody in Tokyo for another six months – when his trial is expected to begin.

Ghosn has had only had one opportunity to speak publicly since his arrest, telling the court hearing on January 8 that he’s innocent and calling the accusations against him “meritless and unsubstantiated.”