Renault agrees to scrap Ghosn’s €30m golden parachute
The board will also likely scrap a non-compete clause with a ministry official saying it’s about ethics rather than presumed innocence
Paris — The board of Renault was poised to cancel as much as €30m in deferred pay and severance to its ousted boss Carlos Ghosn, as directors met on Wednesday to approve its full-year accounts, sources told Reuters. Renault will scrap about 460,000 performance shares attributed to Ghosn since 2014-2015 and now worth €26m, under proposals backed by the French government, its biggest shareholder, two people familiar with the matter have said. The board is also likely to drop a two-year, non-compete clause worth €4m to €5m to Ghosn, who was forced out in January following his arrest in Japan for suspected financial misconduct at Nissan, Renault’s alliance partner. A Renault spokesperson did not immediately return calls and messages seeking comment. Ghosn was arrested in Japan and ousted as Nissan chair last November and has since been indicted along with Nissan and a fellow director for failing to disclose more than $80m in additional 2010-2018 compensation that he had arranged to be p...
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