After a week under high voltage, Nissan management is preparing to yield to the latest demands of Renault, which demanded a more important place for its representatives in the committees that will constitute the future governance of the Japanese manufacturer of which it holds 43.4%. Officially, Nissan’s response to the very firm letter that Jean-Dominique Senard , the president of Renault, sent ten days ago to Yokohama, will be reported on Monday to the direction of the French group. But several sources were already hinting over the weekend that Hiroto Saikawa, the CEO of Nissan, was now ready to compromise.
Green light for Thierry Bolloré
Fearing to see its diluted influence in the new governance architecture, Renault wanted Jean-Dominique Senard and Thierry Bolloré, who will sit on Nissan’s future board, to join one of the three committees (audit, nomination and remuneration). ) planned in the new organization designed to turn the page of governance formerly organized by and for Carlos Ghosn .
If Nissan was ready to see Jean-Dominique Senard join the nominating committee, he categorically refused to let Thierry Bolloré sit in the future audit committee. The Japanese group explained that the French executive might face conflict of interest by being audited operations that he would have been associated with, because of his executive role in the alliance. The Japanese group wanted the three committees to be essentially run by independent directors.
Casus belli
Unconvinced by these arguments, Jean-Dominique Senard had almost made the integration of Thierry Bolloré a casus belli. He had also hinted that Renault was ready, in case of refusal Nissan, not to vote the reform of the governance of the Japanese group at the next general meeting of 25 June.
Initially surprised by such firmness, Hiroto Saikawa would have understood the symbolic importance of this demand for Renault and would have decided not to poison the relationship with his partner, while he plays his renewal at the helm of Nissan on June 25 next , and he needs the support of the French group. “Things seem to gradually return to order,” we breathe in the entourage of the French boss.
Resumption of discussions with FCA
After this standoff, the two companies seem determined to stage their agreement on other key decisions. Renault should, for example, support the appointment of Yasushi Kimura at the symbolic position of president of Nissan after the General Assembly at the end of the month. In the new structure, this president will be primarily responsible for animating the debates of the council, and the personality of the former boss of the Japanese energy giant JXTG Holdings is perceived by all as fully compatible with this mission.
If this appeasement between the two manufacturers should hold until June 25, it may be mistreated again during the resumption of discussions on a merger between Fiat Chrysler and Renault . Emissaries of John Elkann, the president of FCA, resumed talks last week with the management of Renault and Nissan. But they could see that the demands of each other were very complicated to satisfy.