Saturday, January 19, 2019

Michelin boss a possible successor to Ghosn at Renault - France's Minister of Finance


FILE PHOTO: Jean-Dominique Senard, Chief Executive Officer of Michelin Tire Manufacturers, will be in Paris, France on 3 October 2018. REUTERS / Regis Duvignau / Pool

PARIS (Reuters) - MichelinMICP.PA) Chief Executive Jean-Dominique Senard could be a good choice for carmaker Renault (RENA.PA), Said French Finance Minister Bruno Le Maire in a newspaper interview published on Sunday.

Renault is expected to find a replacement for Carlos Ghosn, who is currently detained in Japan for alleged financial misconduct linked to his role in Renault sister Nissan (7201.T). Ghosn denies the allegations.

Asked whether Senard Ghosn would replace him, Le Maire told the French journal "Journal du Dimanche": "It is up to the Board of Directors to examine the proposals put forward by the Nominations Committee."

"The French state will speak as a shareholder. What I can tell you is that Jean-Dominique Senard has a recognized expertise in the automotive industry, "said Le Maire.

"At Michelin, he showed his ability to be a leader in a large industrial company, and he has a sense of the social responsibility of a company that I am very committed to," added Le Maire in the interview.

Le Maire said that possible changes to the ownership structure between Renault and Nissan are "not on the table".

The French state owns 15 percent of Renault, which in turn holds a 43.4 percent stake in Nissan. Nissan has a 15 percent stake in Renault.

Reporting by Sudip Kar-Gupta; Edited by Jason Neely

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