Renault SA CEO Thierry Bollore has denounced his potential exit from the French carmaker as a "coup" after the company's board scheduled a meeting to discuss governance, Reuters reported Oct. 10, citing two company sources and France's Les Echos newspaper.
Renault posted an announcement on its website that the board will meet in the morning of Oct. 11 "to discuss the corporate governance of the group."
The report said a source close to the French government confirmed that Renault was looking to commence a senior management shakeup. The French state holds a 15% stake in Renault.
The latest development comes days after it was reported that the company was looking to dismiss Bollore over his links with former Chairman Carlos Ghosn. The Nikkei Asian Review reported, citing French-language newspaper Le Figaro, that Renault Chairman Jean-Dominique Senard and the French government back the move.
According to the Reuters report, Renault CFO Clotilde Delbos will likely be named interim CEO.
Bollore reportedly told Les Echos newspaper that he appealed to the French state to avoid destabilizing the company.
"The brutality and the totally unexpected character of what is happening are stupefying. ... This coup de force is very worrying," Bollore reportedly said.
Bollore also told Les Echos that the "only thing one can reproach me, maybe, is to have been named deputy CEO in early 2018, on a proposal of Carlos Ghosn unanimously approved by the board," Reuters reported.
Back in April, former Renault Chairman Ghosn, who served as chairman of Nissan Motor Co. Ltd. before he was arrested in Japan over financial misconduct charges, accused Nissan executives of "plot" and "conspiracy," leading to his arrest.
The news outlet said Renault declined to comment.
Renault's stock rose as much as 1.33% to €51.17 before closing up 0.59% to €50.80 on Oct. 10.
