Renault boss Carlos Ghosn says he is likely to step down early as chief executive

Alexandra Rogers
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2013 Geneva Auto Show
Carlos Ghosn (Source: Getty)

The boss of car maker Renault has said he is likely to leave his position before his term comes to an end in 2022.

In an interview with the Financial Times, Carlos Ghosn said he did not expect to spend "four more years" at Renault.

He said he would however remain the company’s chairman while also taking responsibility for the alliance with Nissan and Mitsubishi.

The company has been making recent strides to integrate the three brands through its Renault-Nissan-Mitsubishi's Alliance 2022, which aims to double the "annualised synergies" – or how much the companies can save by working together – to more than €10bn (£8.9bn) by the end of 2022.

Read more: Nissan to cut hundreds of jobs at Sunderland plant

As part of the alliance programme they launched a new venture capital fund, Alliance Ventures, which plans to invest up to $1bn (£0.74bn) over the next five years. The firm expects to plough up to $200m into startups and innovation partnerships in its first year.

Earlier in March the company batted away rumours of a French state buyout in a move that was touted as precursor to a possible merger.

Any sale of the government's stake in Renault would be politically sensitive given the government's past socialist narrative, which saw it acquire a 23 per cent stake in the company in 2015 to ensure the success of 'long-term capitalism'.

The stake was later reduced the current 15 per cent in 2017, after Emanuel Macron promised to divest of the shares on assuming office.

Read more: Renault shares surge on report of Nissan merger talks

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