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...Renault is an automobile manufacturer. Co.'s activities have been organized into two main business sectors, in more than 120 countries: Automotive and Sales Financing. Co. designs, develops and sells passenger cars and light commercial vehicles. Following the acquisition of Romanian carmaker Dacia and Samsung Motors' operating assets in South Korea, Co. has three automotive brands: Renault, Dacia and Samsung. RCI Banque, Co.'s captive financing arm, finances sales of the Renault, Renault Samsung Motors (RSM) and Dacia brands, and, in Europe, the Nissan and Infiniti brands. In addition to these two activities, Co. has equity investments in the following two companies: Nissan and AVTOVAZ.
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