Renault: neither non-compete clause, nor shares for Ghosn
(CercleFinance.com) - The Renault Group today announced that its board of directors yesterday decided to waive Mr.
Ghosn's noncompete commitment, who resigned at the end of January from his roles of Chairman of Renault's Board and group CEO.
This non-compete clause was to provide him with sufficient income to dissuade him from working - after Renault - for another company in the automobile sector.
The group said, “and, consequently, (the board of directors has decided, ed) not to pay the corresponding compensation equal to two years fixed and variable compensation.” The company also specifies that the definitive acquisition of the shares awarded to Carlos Ghosn between 2015 and 2018 as CEO is subject to a condition of presence within Renault. Noting that this condition was not fulfilled - Carlos Ghosn has been in prison in Japan since the end of November - the board of directors has approved the loss of Mr. Ghosn's rights to the definitive acquisition of these shares.
However, the Board of Directors has not yet decided on the emoluments of Carlos Ghosn: it will study the issue of his remuneration for the year 2018 on 15 March.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Ghosn's noncompete commitment, who resigned at the end of January from his roles of Chairman of Renault's Board and group CEO.
This non-compete clause was to provide him with sufficient income to dissuade him from working - after Renault - for another company in the automobile sector.
The group said, “and, consequently, (the board of directors has decided, ed) not to pay the corresponding compensation equal to two years fixed and variable compensation.” The company also specifies that the definitive acquisition of the shares awarded to Carlos Ghosn between 2015 and 2018 as CEO is subject to a condition of presence within Renault. Noting that this condition was not fulfilled - Carlos Ghosn has been in prison in Japan since the end of November - the board of directors has approved the loss of Mr. Ghosn's rights to the definitive acquisition of these shares.
However, the Board of Directors has not yet decided on the emoluments of Carlos Ghosn: it will study the issue of his remuneration for the year 2018 on 15 March.
Copyright (c) 2019 CercleFinance.com. All rights reserved.