Renault Empowers CEO de Meo as Nissan Talks Drag On
Renault SA CEO and newly-appointed director Luca de Meo. (Nathan Laine/Bloomberg Information)
[Stay on top of transportation news: Get TTNews in your inbox.]
Renault SA’s board named CEO Luca de Meo as a director and reappointed Chairman Jean-Dominique Senard for one more four-year time period, an indication of assist for his or her plan to reshape the partnership with Nissan Motor Co.
De Meo, 55, will exchange Frederic Mazzella on the French firm’s 16-member board, the maker of Austral and Megane E-Tech vehicles mentioned in a press release on Dec. 15, confirming a earlier Bloomberg Information report. Shareholders must approve the appointments at Renault’s annual normal assembly, scheduled for Could 11.
Senard, who was tapped by the French authorities to stabilize Renault after the downfall of Carlos Ghosn in late 2018, spent months reviving relations with Nissan’s board and CEO Makoto Uchida, and is now spearheading talks to reboot a two-decade alliance. Nissan, which owns 15% of Renault, has questioned the French carmaker’s future plans, which embody carving out its electric-vehicle enterprise.
The board appointment of de Meo, who arrived at Renault in July 2020, is a sign to Nissan’s management that the Italian-born CEO has the backing of Renault’s board in addition to of the French authorities, individuals conversant in the matter mentioned. It additionally validates his and Senard’s technique of looking for a reset of the partnership, which grew to become problematic over time.
Host Michael Freeze relays the story of a cybersecurity disaster at a transportation and provide chain administration firm and discusses methods to keep away from cyberattacks with a 30-year veteran of automotive cybersecurity techniques. Hear a snippet, above, and get the complete program by going to RoadSigns.TTNews.com.
Senard’s renewal is “very constructive” given the position he performed in main Renault’s turnaround and enhancing relations between alliance companions, Oddo BHF analysts wrote in a observe on Dec. 16. De Meo’s appointment ought to result in “additional enhancing communication,” they added.
The analysts famous, nonetheless, that shedding an impartial director is a damaging for the carmaker, which has “governance weak point.”
In the meantime, talks with Nissan are dragging on and an settlement to reboot the connection is now unlikely to come back earlier than year-end, Bloomberg Information reported on Dec. 7.
Nissan might take a 15% stake within the EV enterprise, dubbed Ampere, as variations in views stay on the entity’s valuation, the individuals mentioned. Points round the best way to take care of joint mental property are also nonetheless unresolved, the individuals mentioned.
Renault additionally mentioned Dec. 16 it’s appointing Celeste Thomasson, a former Safran SA and Geodis SA govt, as chief audit and threat officer, reporting to de Meo.
Need extra information? Take heed to as we speak’s every day briefing beneath or go right here for more information:
