2/13, 3:00 PM (Source: TeleTrader)
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Renault waives Ghosn's 2-year non-compete clause

Renault SA said on Wednesday that it will waive its former chairman and CEO Carlos Ghosn's two-year non-compete clause following his arrest in Japan and his subsequent resignation from the two roles at the French carmaker.

"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," Renault said in a statement. The carmaker stressed Ghosn also lost the rights to the definitive acquisition of shares granted to him in every year from 2015 to 2018 as "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," as the acquisition of those shares was subject to Ghosn's presence at the company.

On Tuesday, Renault noted that Ghosn, who has been charged with misreporting his salary at Nissan, still holds certain positions at Renault.

Breaking the News / NP