Renault board member quits ahead of CEO succession meeting, report says
Automaker Renault has lost one of its key board members at a crucial time. Thierry Desmarest announced his resignation just a few days before the board is scheduled to meet and vote on a new CEO. Current CEO, Carlos Ghosn, is expected to ask the board of directors to support his choice for new CEO at the meeting.
The resignation by Desmarest was unexpected and comes at a time when the French government is pressuring Ghosn to name a successor. He is the former CEO of Total and was scheduled to remain on the board through 2020. The move comes just after the resignation of CPO Stefan Mueller. Thierry Bollore is believed to be next in line for the CEO position, after being named COO after the departure of Mueller. Desmarest remains as the honorary chairman for the company.
Renault refused to comment on his stepping down from the board, but is believed that Desmarest was not happy with how the recruitment process was being handled. The biggest concern is that candidates from outside the company allegedly were not being considered. It is said that even Mueller was not given any type of consideration despite his massive prior success and familiarity with the auto industry. The news of Desmarest’s departure may be all to do about. Sources close to Desmarest have spoken out and said that he had long planned to resign from the board prior to the next shareholder meeting. Whatever the truth may be, there is a storm going on at the automaker.