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Renault replaces CEO Thierry Bolloré after less than one year in the job

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Renault replaces CEO Thierry Bolloré after less than one year in the job

Renault SA's board of directors on Oct. 11 voted to oust CEO Thierry Bolloré after less than a year at the helm and to appoint on an interim basis the company's CFO, Clotilde Delbos, in a sign of persisting turbulence at the French carmaker since the departure in 2018 of longstanding leader Carlos Ghosn.

Bolloré was promoted to the top executive role at the company from COO and tasked with restoring stability after Ghosn, until then Renault CEO and chairman, was arrested and detained in Japan over alleged financial misconduct in his simultaneously held leadership role at Nissan Motor Co. Ltd.

"At this meeting, the Board of Directors decided to end the mandate of Mr. Thierry Bolloré as Chief Executive Officer of Renault SA and President of Renault s.a.s with immediate effect," Renault said in a statement.

"The Board of Directors also decided to appoint, with immediate effect, Mrs. Clotilde Delbos as Chief Executive Officer of Renault SA for an interim period, until a process is completed to appoint a new Chief Executive Officer," it said.

The Wall Street Journal reported that Chairman Jean-Dominique Senard pushed for Bolloré's ouster amid apprehension about his relations with Nissan, on whose board both men had seats. Deep resentment within the Japanese automaker's leadership surfaced following Ghosn's departure over Renault's ownership of 43.4% of the company and its sway in decision-making, but Renault has not yielded to demands to scale back its influence.

In comments to French newspaper Les Echos, Bolloré expressed shock upon learning of the vote, calling it "totally unexpected" and "stupefying." Bolloré said he had never had any disagreements with Senard.

In midday trading in Paris, Renault's shares were up €2.16, or 4.3%, at €52.96.