Renault has released a statement confirming its board of directors has accepted the resignation of Carlos Ghosn as chairman and CEO, with the 64-year-old still imprisoned in Japan over charges of financial misconduct.

“The board of directors has decided to provide Renault with a new governance structure and, on this occasion, to institute a separation of the functions of chairman of the board and chief executive officer,” the French automaker said in a statement.

The board co-opted Michelin CEO Jean-Dominique Senard as a new director and elected him chairman. On the latter's proposal, the board then appointed Thierry Bolloré as CEO.

In addition to the functions normally performed by the chairman, the firm said Senard would have to “evaluate and, if necessary, change Renault's governance in order to ensure the transition to the new structure”.

In addition, the board expressed a desire to “supervise actively the functioning” of the alliance with Nissan and Mitsubishi, giving its new chairman “full responsibility for managing the alliance on behalf of Renault, in liaison with the chief executive officer”.

The CEO, meanwhile, would “coordinate for the company the alliance's activities in the operational field under the authority of the chairman”.

Original article from Car