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Found 8 results

  1. Now it is official. Carlos Ghosn has stepped down as chairman and CEO of Renault late on Wednesday. The announcement was made this morning by French Finance Minister Bruno Le Maire in an interview with Bloomberg television. "Carlos Ghosn just resigned last night. Now it's time to define and put a new governance in place," said Le Maire. Renault's board of directors have decided on making outgoing Michelin CEO Jean-Dominique Senard as chairman, and promoting Thierry Bollore as CEO during an emergency meeting today. Renault is the last automaker in the alliance to deal with Ghosn. Since he was arrested back in November, both Nissan and Mitsubishi have kicked him out. But Renault kept him as chairman and CEO until they had all of the information on his alleged misconduct. This caused the relationship between Nissan and Renault to be become further strained. Source: Bloomberg, Renault Board of Directors communication Boulogne-Billancourt, 24 January 2019 – Renault's Board of Directors met on January 24, 2019 at 10 a.m. under the chairmanship of Philippe Lagayette, Lead Independent Director. The Board has taken note of the resignation of its current Chairman and Chief Executive Officer. The Board praised the Alliance's track record, which has enabled it to become the world's leading automobile manufacturer. The Board of Directors has decided to provide Renault with a new governance structure and, on this occasion, to institute a separation of the functions of Chairman of the Board and Chief Executive Officer. In addition to all the functions normally performed by the Chairman of the Board, the new Chairman of the Board of Directors of Renault will have to evaluate and, if necessary, change Renault's governance in order to ensure the transition to the new structure. He will present his proposals on the evolution of governance to the Board of Directors before the next General Shareholders' Meeting. In addition, Renault's Board of Directors wishes to supervise actively the functioning of the Alliance and decides to give its Chairman full responsibility for managing the Alliance on behalf of Renault, in liaison with the Chief Executive Officer. In this capacity, the Chairman of Renault's Board of Directors will be the main contact person for the Japanese partner and the other Alliance partners for any discussion on the Alliance's organization and evolution. He will propose to the Board of Directors any new Alliance agreement that he considers useful for Renault's future. He will be Renault's main representative in the Alliance's management bodies and at Nissan when Renault has the right of proposal. The Chief Executive Officer will coordinate for the company the Alliance's activities in the operational field under the authority of the Chairman. The Board co-opted Mr. Jean-Dominique Senard as new Director and elected him Chairman. On the latter's proposal, the Board appointed Thierry Bolloré as Chief Executive Officer. The Board expresses its confidence in the new leadership and wishes it every success in its mission. View full article
  2. Now it is official. Carlos Ghosn has stepped down as chairman and CEO of Renault late on Wednesday. The announcement was made this morning by French Finance Minister Bruno Le Maire in an interview with Bloomberg television. "Carlos Ghosn just resigned last night. Now it's time to define and put a new governance in place," said Le Maire. Renault's board of directors have decided on making outgoing Michelin CEO Jean-Dominique Senard as chairman, and promoting Thierry Bollore as CEO during an emergency meeting today. Renault is the last automaker in the alliance to deal with Ghosn. Since he was arrested back in November, both Nissan and Mitsubishi have kicked him out. But Renault kept him as chairman and CEO until they had all of the information on his alleged misconduct. This caused the relationship between Nissan and Renault to be become further strained. Source: Bloomberg, Renault Board of Directors communication Boulogne-Billancourt, 24 January 2019 – Renault's Board of Directors met on January 24, 2019 at 10 a.m. under the chairmanship of Philippe Lagayette, Lead Independent Director. The Board has taken note of the resignation of its current Chairman and Chief Executive Officer. The Board praised the Alliance's track record, which has enabled it to become the world's leading automobile manufacturer. The Board of Directors has decided to provide Renault with a new governance structure and, on this occasion, to institute a separation of the functions of Chairman of the Board and Chief Executive Officer. In addition to all the functions normally performed by the Chairman of the Board, the new Chairman of the Board of Directors of Renault will have to evaluate and, if necessary, change Renault's governance in order to ensure the transition to the new structure. He will present his proposals on the evolution of governance to the Board of Directors before the next General Shareholders' Meeting. In addition, Renault's Board of Directors wishes to supervise actively the functioning of the Alliance and decides to give its Chairman full responsibility for managing the Alliance on behalf of Renault, in liaison with the Chief Executive Officer. In this capacity, the Chairman of Renault's Board of Directors will be the main contact person for the Japanese partner and the other Alliance partners for any discussion on the Alliance's organization and evolution. He will propose to the Board of Directors any new Alliance agreement that he considers useful for Renault's future. He will be Renault's main representative in the Alliance's management bodies and at Nissan when Renault has the right of proposal. The Chief Executive Officer will coordinate for the company the Alliance's activities in the operational field under the authority of the Chairman. The Board co-opted Mr. Jean-Dominique Senard as new Director and elected him Chairman. On the latter's proposal, the Board appointed Thierry Bolloré as Chief Executive Officer. The Board expresses its confidence in the new leadership and wishes it every success in its mission.
  3. Saying he wants to give a fresh start for the Nissan-Renault alliance, Nissan CEO Hiroto Saikawa has announced that he'll be stepping down as CEO in the coming months. In the meantime, Saikawa will be focusing on "reforming the poor governance" that weakened the Japanese automaker before leaving. Saikawa has been leading the charge of ousting former Nissan Chairman and CEO Carlos Ghosn, a bit surprising since Saikawa was a protege of Ghosn. As we reported a month ago in the rumorpile , the relationship between Saikawa and Ghosn has been strained due to the two clashing on various issues. There was talk about Ghosn ousting Saikawa during a board meeting in November, but that would not happen as Ghosn would be arrested before it. Saikawa's reign as Nissan CEO has been problematic with a number of vehicles being recalled in Japan due to improper inspections and declining sales in the U.S. Source: Bloomberg
  4. Saying he wants to give a fresh start for the Nissan-Renault alliance, Nissan CEO Hiroto Saikawa has announced that he'll be stepping down as CEO in the coming months. In the meantime, Saikawa will be focusing on "reforming the poor governance" that weakened the Japanese automaker before leaving. Saikawa has been leading the charge of ousting former Nissan Chairman and CEO Carlos Ghosn, a bit surprising since Saikawa was a protege of Ghosn. As we reported a month ago in the rumorpile , the relationship between Saikawa and Ghosn has been strained due to the two clashing on various issues. There was talk about Ghosn ousting Saikawa during a board meeting in November, but that would not happen as Ghosn would be arrested before it. Saikawa's reign as Nissan CEO has been problematic with a number of vehicles being recalled in Japan due to improper inspections and declining sales in the U.S. Source: Bloomberg View full article
  5. Just moments ago, Volkswagen announced that CEO and President of Volkswagen of America, Michael Horn has stepped down effective immediately. In a statement released by the company, the departure was reached "through mutual agreement." Hinrich J. Woebcken - recently announced as the head of Volkswagen's North American operations - will act as the interim CEO and President. Volkswagen would like to thank Horn for his contributions to the company during his tenure in the United States. “I want personally to say ‘thank you’ to Michael Horn for the great work he has done for the brand and with the dealers in the United States. During his time in the U.S., Michael Horn built up a strong relationship with our national dealer body and showed exemplary leadership during difficult times for the brand,” said Herbert Diess, CEO of Volkswagen brand in a statement. Horn joined Volkswagen back in 1990 and was named CEO and President of Volkswagen of America in 2014. His departure comes about six months after the EPA revealed the company used illegal software in their diesel vehicles to cheat emission tests. This news is a blow to Volkswagen's U.S. dealers who respected Horn as he was very upfront and worked on improving profits. “The [VW] National Dealer Advisory Council wants to acknowledge Michael for his leadership and strength through the continued mismanagement of the diesel scandal that has plagued our sales and reputation more than any other global market,” Volkswagen's dealer council said in a statement to Automotive News. The council also blasted Volkswagen's handling of the emission scandal and are very concerned about this change in leadership. "There is no sense of a resolution to the diesel scandal. We are troubled watching the mismanagement of this scandal from Germany, and how it may impact the ultimate decisions by the authorities in the United States. This change in management can only serve to put the company at more risk, not less.” Source: Volkswagen, Automotive News (Subscription Required) Pic Credit: William Maley for Cheers & Gears Press Release is on Page 2 VOLKSWAGEN GROUP OF AMERICA ANNOUNCES EXECUTIVE LEADERSHIP CHANGE Herndon, VA (March 9, 2016) – Volkswagen Group of America today announced the departure of Michael Horn, president and CEO, Volkswagen Group of America. Through mutual agreement with Volkswagen AG, Horn will be leaving to pursue other opportunities effective immediately. On an interim basis, Hinrich J. Woebcken, who was recently announced as the new Head of the North American Region and Chairman of Volkswagen Group of America, will assume the role of president and CEO of Volkswagen Group of America. Volkswagen would like to thank Horn for his contributions to the company during his tenure in the United States. “I want personally to say ‘thank you’ to Michael Horn for the great work he has done for the brand and with the dealers in the United States,” said Herbert Diess, CEO of Volkswagen brand. “During his time in the U.S., Michael Horn built up a strong relationship with our national dealer body and showed exemplary leadership during difficult times for the brand,” he added. Michael Horn (54) assumed the role as president and CEO of Volkswagen Group of America in January 2014 and has over twenty five years of experience with the Volkswagen Group. Prior to his current role, Horn served as the Global Head of After Sales at Volkswagen AG (VW). Horn joined Volkswagen in 1990 and has held many roles of increasing responsibility within the brand over his tenure, including Head of Volkswagen sales North West Europe, Head of sales and marketing luxury class vehicles, and Head of sales for Europe.
  6. Just moments ago, Volkswagen announced that CEO and President of Volkswagen of America, Michael Horn has stepped down effective immediately. In a statement released by the company, the departure was reached "through mutual agreement." Hinrich J. Woebcken - recently announced as the head of Volkswagen's North American operations - will act as the interim CEO and President. Volkswagen would like to thank Horn for his contributions to the company during his tenure in the United States. “I want personally to say ‘thank you’ to Michael Horn for the great work he has done for the brand and with the dealers in the United States. During his time in the U.S., Michael Horn built up a strong relationship with our national dealer body and showed exemplary leadership during difficult times for the brand,” said Herbert Diess, CEO of Volkswagen brand in a statement. Horn joined Volkswagen back in 1990 and was named CEO and President of Volkswagen of America in 2014. His departure comes about six months after the EPA revealed the company used illegal software in their diesel vehicles to cheat emission tests. This news is a blow to Volkswagen's U.S. dealers who respected Horn as he was very upfront and worked on improving profits. “The [VW] National Dealer Advisory Council wants to acknowledge Michael for his leadership and strength through the continued mismanagement of the diesel scandal that has plagued our sales and reputation more than any other global market,” Volkswagen's dealer council said in a statement to Automotive News. The council also blasted Volkswagen's handling of the emission scandal and are very concerned about this change in leadership. "There is no sense of a resolution to the diesel scandal. We are troubled watching the mismanagement of this scandal from Germany, and how it may impact the ultimate decisions by the authorities in the United States. This change in management can only serve to put the company at more risk, not less.” Source: Volkswagen, Automotive News (Subscription Required) Pic Credit: William Maley for Cheers & Gears Press Release is on Page 2 VOLKSWAGEN GROUP OF AMERICA ANNOUNCES EXECUTIVE LEADERSHIP CHANGE Herndon, VA (March 9, 2016) – Volkswagen Group of America today announced the departure of Michael Horn, president and CEO, Volkswagen Group of America. Through mutual agreement with Volkswagen AG, Horn will be leaving to pursue other opportunities effective immediately. On an interim basis, Hinrich J. Woebcken, who was recently announced as the new Head of the North American Region and Chairman of Volkswagen Group of America, will assume the role of president and CEO of Volkswagen Group of America. Volkswagen would like to thank Horn for his contributions to the company during his tenure in the United States. “I want personally to say ‘thank you’ to Michael Horn for the great work he has done for the brand and with the dealers in the United States,” said Herbert Diess, CEO of Volkswagen brand. “During his time in the U.S., Michael Horn built up a strong relationship with our national dealer body and showed exemplary leadership during difficult times for the brand,” he added. Michael Horn (54) assumed the role as president and CEO of Volkswagen Group of America in January 2014 and has over twenty five years of experience with the Volkswagen Group. Prior to his current role, Horn served as the Global Head of After Sales at Volkswagen AG (VW). Horn joined Volkswagen in 1990 and has held many roles of increasing responsibility within the brand over his tenure, including Head of Volkswagen sales North West Europe, Head of sales and marketing luxury class vehicles, and Head of sales for Europe. View full article
  7. The end is coming for Fiat Chrysler Automobile's CEO Sergio Marchionne. In a interview with Bloomberg, Marchionne says he will step down in 2018, the same time that his second five year plan will end. “I’ll undoubtedly do something else” after the end of 2018, said Marchionne. "I am not going to do any more turnarounds. I’m done; let some of the young punks do it.” Marchionne, 62, became the CEO of Fiat in 2004 and helped triple the automaker's revenue over the subsequent years. He was also a key person in the company's acquisition of Chrysler. There is no mention of who will be successor to Marchionne. But the current CEO does mention his role may be split among a number of executives. “There are a number of things that the next CEO will do which are totally different from what I do. The role as presently configured will have to be reconfigured.” Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  8. The end is coming for Fiat Chrysler Automobile's CEO Sergio Marchionne. In a interview with Bloomberg, Marchionne says he will step down in 2018, the same time that his second five year plan will end. “I’ll undoubtedly do something else” after the end of 2018, said Marchionne. "I am not going to do any more turnarounds. I’m done; let some of the young punks do it.” Marchionne, 62, became the CEO of Fiat in 2004 and helped triple the automaker's revenue over the subsequent years. He was also a key person in the company's acquisition of Chrysler. There is no mention of who will be successor to Marchionne. But the current CEO does mention his role may be split among a number of executives. “There are a number of things that the next CEO will do which are totally different from what I do. The role as presently configured will have to be reconfigured.” Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article

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