RENAULT: Board of Directors Communication - February 13, 2019
PRESS RELEASE 2019/02/13
BOARD of directors communication
Boulogne-Billancourt, February 13, 2019 - Following the resignation of Mr. Carlos Ghosn from the offices of Chairman of the Board of Directors and Chief Executive Officer on 24th January 2019, the Board unanimously decided, at its meeting of 13th February 2019, to waive Mr. Ghosn's non-compete commitment and, consequently, not to pay the corresponding compensation equal to two years fixed and variable compensation.
With respect to the shares granted to Mr. Ghosn in 2015, 2016, 2017 and 2018 as Chairman and Chief Executive Office both as part of the deferred portion of his variable compensation for the financial years 2014 to 2017, as well as the performance share plans for the years 2015 to 2018, their definitive acquisition is subject to his presence within Renault. The Board unanimously notes that such condition is not met, thereby triggering the loss of Mr. Ghosn's rights to the definitive acquisition of such shares.
The Board will decide on 15th March 2019 on the remuneration of Mr. Ghosn for the financial year 2018.
About Groupe Renault
Groupe Renault has manufactured cars since 1898. Today it is an international multi-brand group, selling close to 3.9 million vehicles in 134 countries in 2018, with 36 manufacturing sites, 12,700 points of sales and employing more than 180,000 people.
To address the major technological challenges of the future, while continuing to pursue its profitable growth strategy, Groupe Renault is focusing on international expansion. To this end, it is drawing on the synergies of its five brands (Renault, Dacia, Renault Samsung Motors, Alpine and LADA), electric vehicles, and its unique alliance with Nissan and Mitsubishi Motors. With a 100% Renault owned team committed to the Formula 1 World Championship since 2016, the brand is involved in motorsports, a real vector for innovation and awareness.