France moved this week to oust Carlos Ghosn from the helm of Renault after his arrest in Japan on financial misconduct allegations but sought to defend the car maker’s alliance with Nissan, which has been rocked by the scandal. Ghosn, one of the best-known leaders in the car industry, was arrested on Monday after Nissan said he had engaged for years in wrongdoing, including personal use of company money and underreporting how much he was earning. The Japanese car maker plans to remove him as chair on Thursday. “Carlos Ghosn is no longer in a position where he is capable of leading Renault,” French finance minister Bruno Le Maire told France Info radio, calling on Renault’s board to set up an interim management structure. The French state owns 15% of Renault, which in turn holds a 43.4% stake in Nissan in a complex alliance forged by Ghosn over almost 20 years and which some analysts think could fall apart without the 64-year-old to steer it. Close to bankruptcy when Renault bought i...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now