Ghosn Resigns Renault CEO and Chairmanship; FVEs Unchanged - Renault EUR 88, Nissan JPY 1,480
No-moat rated Renault reported that Carlos Ghosn, the embattled chairman and CEO of the company, has resigned. The board named industry veterans Jean-Dominique Senard as chairman and Thierry Bolleré as CEO. We think key man risk is substantial as Ghosn was widely credited with maintaining relations and coordinating strategies between the Alliance partners--Renault, Nissan, and Mitsubishi. Even so, in our opinion, given the Alliance's long-term existence (founded 1999), collaborative efforts have...
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