Renault interim boss vows to safeguard Nissan alliance after Carlos Ghosn arrest

Renault's interim boss has assured shareholders he will safeguard the company's interests and its alliance with Nissan following the arrest of chairman Carlos Ghosn. 

The Nissan board voted to oust Ghosn on Thursday after he was arrested in Japan over financial misconduct allegations earlier in the week. 

But Renault has decided not to dismiss Ghosn for the time being and has instead promoted Thierry Bollore to lead a temporary management structure as deputy chief executive, while Ghosn faces questioning by Japanese authorities. 

"I will make sure we guarantee our stability and stay focused on our missions to preserve the interests of Renault and the sustainability of the alliance," Bollore said in a video to shareholders.

"Our group is perfectly organised to ensure the continuity of the company's business," Bollore added. 

Ghosn and former Nissan representative director Greg Kelly are under investigation for allegedly conspiring to understate Ghosn's compensation over the five years from 2010 by half of the actual 9.998bn yen (£68.9m). 

It is the latest source of tension in the manufacturers' alliance, which has also included Mitsubishi since 2016. 

The current shareholding structure sees Renault own 43.4 per cent of Nissan, while the Japanese manufacturer only holds a 15 per cent non-voting share in Renault, despite having 60 per cent more sales. 

Nissan said it will be taking advice from an independent third party on how to improve its governance of director compensation.

The car manufacturer said it will establish an advisory committee to propose nominations for Ghosn's successor, which could be announced ahead ot their next board meeting currently dated for around 20 December.