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MarketScreener Homepage  >  Equities  >  Tokyo  >  Nissan Motor Co Ltd    7201   JP3672400003

NISSAN MOTOR CO LTD (7201)
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Exclusive - Renault's Mueller quits, clearing CEO succession path - sources

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02/09/2018 | 07:12pm CEST
A Renault logo covered with mud and dust is seen on a car in Paris

PARIS (Reuters) - Renault's (>> Renault) Chief Performance Officer Stefan Mueller is leaving the company, sources told Reuters on Friday - likely clearing the way for rival candidate Thierry Bollore to be named second-in-command and eventual successor to CEO Carlos Ghosn.

PARIS (Reuters) - Renault's (>> Renault) Chief Performance Officer Stefan Mueller is leaving the company, sources told Reuters on Friday - likely clearing the way for rival candidate Thierry Bollore to be named second-in-command and eventual successor to CEO Carlos Ghosn.

Bollore, currently chief competitive officer, had been vying with Mueller for promotion in the succession process underway at Renault. The former BMW (>> Bayerische Motoren Werke) executive's departure was agreed this week, according to one of the company sources.

"As of today Stefan Mueller has not left the company," Renault spokesman Frederic Texier said. He declined to comment when asked whether Mueller's departure had been decided.

German-born Mueller and Bollore, a French former Michelin executive, both joined Renault in 2012.

Ghosn, 63, had earlier been expected to hand over the reins to a new chief executive and move to a another role at the helm of the Renault-Nissan-Mitsubishi alliance.

But sources said the plan foundered on differences with the French state, Renault's biggest shareholder, over the alliance's future shape and direction. Renault currently holds 43.4 percent of Nissan (>> Nissan Motor Co Ltd), which in turn controls Mitsubishi Motors (>> MITSUBISHI MOTORS CORPORATION) via a 34 percent stake.

Renault now plans to propose Ghosn's reappointment to the next annual shareholder meeting in June, sources also said, confirming a Feb. 1 report in Le Figaro.

The government has yet to agree with Renault on a "road map" for the alliance or bless Bollore's promotion to the new position of chief operating officer and heir apparent.

Both sides are seeking to avoid a repeat of a bitter 2015 clash in which France raised its Renault stake to swing a shareholder vote and secure double voting rights. The government also pushed unsuccessfully for a full Renault-Nissan merger on terms that would safeguard French industrial interests.

The appointment of Ghosn's second-in-command is expected to be approved at a Feb. 15 board meeting ahead of Renault's full-year results presentation the following day.

(Reporting by Laurence FrostAdditional reporting by Gilles Guillaume, editing by David Evans)

By Laurence Frost

Stocks mentioned in the article
ChangeLast1st jan.
BAYERISCHE MOTOREN WERKE -1.01% 82.45 Delayed Quote.-4.08%
MITSUBISHI MOTORS CORPORATION -2.90% 804 End-of-day quote.-2.55%
NISSAN MOTOR CO LTD -1.15% 1030 End-of-day quote.-8.85%
RENAULT -0.86% 71.28 Real-time Quote.-14.31%
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Financials (JPY)
Sales 2019 11 749 B
EBIT 2019 -
Net income 2019 540 B
Debt 2019 6 752 B
Yield 2019 5,47%
P/E ratio 2019 7,41
P/E ratio 2020 6,76
EV / Sales 2019 0,94x
EV / Sales 2020 0,94x
Capitalization 4 347 B
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Mean consensus HOLD
Number of Analysts 19
Average target price 1 214  JPY
Spread / Average Target 18%
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Managers
NameTitle
Hiroto Saikawa Vice Chairman, President & Chief Executive Officer
Carlos Ghosn Bichara Chairman
Hiroshi Karube Chief Financial Officer
Takao Asami Senior Managing Executive Officer & Head-Research
Anthony Thomas Chief Information Officer & Corporate VP
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