|Bid||668.00 x 0|
|Ask||668.80 x 0|
|Day's Range||660.40 - 669.80|
|52 Week Range||635.10 - 1,034.50|
|Beta (3Y Monthly)||0.91|
|PE Ratio (TTM)||12.48|
|Earnings Date||Nov 6, 2019 - Nov 11, 2019|
|Forward Dividend & Yield||57.00 (8.52%)|
|1y Target Est||1,065.60|
(Bloomberg) -- Renault SA ’s promotion of Chief Financial Officer Clotilde Delbos to the carmaker’s top spot will make her the second most-powerful female auto executive after General Motors Co. CEO Mary Barra -- at least on an interim basis.The French carmaker Friday ousted Thierry Bollore in a bid to move on from fractious months with automotive partner Nissan Motor Co. after the arrest of Carlos Ghosn, who led both companies. Turning over a fresh page, Nissan earlier this week named a new management team.Renault’s new CEO, who joined the carmaker in 2012 and became CFO four years later, has been at the center of efforts to reshape the world’s biggest automaking alliance. She was part of the “Orange group” at Renault that pushed for a closer tie-up including a merger with Nissan, along with Chairman Jean-Dominique Senard. Nissan rejected even the idea of reviving discussions about a merger in April.The 52-year-old also held roles within the partnership, taking charge of control and performance at the Renault-Nissan alliance in 2014. She and Senard both previously worked at aluminum producer Pechiney, which Delbos joined in 1992, climbing through various audit and finance-related roles over two decades. During that time, the metals company passed through the hands of Alcan, Rio Tinto and Apollo Global Management. Senard joined in 1996, and he was named CEO in 2003.Male-DominatedAuto companies remain a male-dominated fold. Aside from Barra, there are few other female leaders of major carmakers with operational responsibilities. Tesla Inc. named Robyn Denholm to chair its supervisory board last year.At GM, Dhivya Suryadevara holds the CFO position, while at Daimler AG, Britta Seeger is head of sales. Volkswagen AG brand Audi this year named former BMW AG executive Hildegard Wortmann to its management board to lead sales and marketing. Linda Jackson is CEO of Peugeot’s Citroen brand. Other female board members tend to operate in human resources or governance roles.Delbos will be flanked by two male deputies, Olivier Murguet and Jose Vincente de los Mozos, while the the company seeks a permanent replacement. Senard’s responsibilities will be expanded to include oversight of stakes in RCI Bank, a motor joint venture with Samsung and other industrial and commercial companies.Ghosn’s arrest over allegation of financial misconduct, which he denies, exposed poor corporate governance at Nissan and brought long-simmering tensions between the automakers to a boil. Removing Bollore, seen as a holdover from the Ghosn era, could help resolve their differences, which would be a prerequisite to reviving merger discussions with Fiat Chrysler Automobiles NV. That deal was scrapped earlier this year after Nissan failed to back a deal.To contact the reporter on this story: Ania Nussbaum in Paris at email@example.comTo contact the editors responsible for this story: Tara Patel at firstname.lastname@example.org, ;Anthony Palazzo at email@example.com, Elisabeth Behrmann, Thomas MulierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- During the past 12 months Renault SA has looked more like a soap opera than a carmaker. The French company served up an ill-tempered denouement on Friday when it sacked Chief Executive Officer Thierry Bollore, who said he was the victim of a “coup.”Bollore only took the job in January after his predecessor Carlos Ghosn was arrested for alleged impropriety around his pay and resigned. Since then, Renault’s alliance with Japan’s Nissan Motor Co. has been in turmoil and the French company’s cash flow and share price have skidded.Renault compounded the dramatics earlier this by trying to merge with Fiat Chrysler Automobiles NV, only for the French state to torpedo the union.These events have created a profound sense of drift at the manufacturer, for which Bollore and his chairman Jean-Dominique Senard are probably equally to blame. It’s Bollore who’s been given the shove, though, and Renault now has (yet another) opportunity to start afresh. Clotilde Delbos, the finance director, has been appointed interim CEO while the company looks for a permanent replacement.The first priority must be to tone down the histrionics. As at Nissan, which appointed a new CEO this week, Renault needs to focus on operational matters, not creating newspaper headlines. Boardroom bust-ups are never helpful but this one is especially ill-timed. Car markets are weakening and anti-pollution regulations and the shift to electric vehicles require heavy spending.Unfortunately Renault isn’t starting out from a position of strength. It is reasonably well positioned in electric vehicles (with the Zoe) and in emerging markets such as Brazil and Russia. Its low-cost Dacia business performs well. However, Renault can no longer rely on chunky profit contributions and dividends from Nissan because its Japanese partner is also battling slumping sales. Renault’s balance sheet isn’t the strongest: the group had just 1.5 billion euros ($1.65 billion) of industrial net cash at the end of June And its core automotive business eked out a meager 4 percent operating return on sales in the first six months of the year. Its local rival Peugeot SA achieved twice that. Overall, net income will probably fall by about one-quarter this year. Looking ahead, Renault targets 70 billion euros in yearly revenue by 2022, about one-fifth higher than last year. Yet with car demand plateauing it’s unlikely to get anywhere near that. Sales will rise only slightly to about 59 billion euros in 2021, according to analysts polled by Bloomberg.Fresh leadership at Renault and Nissan might at least help the two partners work more harmoniously. Then perhaps Senard and Fiat’s scion John Elkann can start talking again about a merger (Nissan wasn’t happy about the lack of consultation on the idea). But in view of the bad blood and false starts of the past 12 months, neither seems likely in the short term. Renault doesn’t need another distraction.The company’s shares jumped 4 percent on Friday but Renault shareholders remain pretty downbeat. Subtract the value of Renault’s 43% stake in Nissan, its stake in Germany’s Daimler AG and its net cash, and you’ll see they ascribe only about 2.5 billion euros of value to the core business.Bollore claims he’s been treated shabbily, but his successor inherits a lousy valuation, a trunk full of strategic problems and a chairman and French state stakeholder second-guessing their every move. His departure feels like an act of mercy.To contact the author of this story: Chris Bryant at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
French carmaker Renault has dismissed its chief executive officer, overhauling its leadership once again after the jailing of its previous chairman and CEO.
Renault’s board has voted to oust its chief executive as the French carmaker looks to cut another link to its former boss Carlos Ghosn and ease tensions in its alliance with Japan’s Nissan. The board said on Friday morning that it had “decided to end the mandate” of Thierry Bolloré “with immediate effect” and that Clotilde Delbos, currently chief financial officer, would take over the role on an interim basis. Jean-Dominique Senard, Renault chairman, refused to be drawn on the precise reasons for Mr Bolloré’s departure at a press conference but said that the alliance with Nissan was at “a new stage” and needed “a breath of fresh air”.
Renault dismissed CEO Thierry Bollore Friday, less than a year after a scandal surrounding former chief Carlos Ghosn allegations of financial misconduct linked to his role as chairman at Nissan.
No-deal Brexit tariffs of 10% on vehicles would be unsustainable for Nissan in Europe, where it runs Britain's biggest car factory, the Japanese company warned on Thursday. The automaker made nearly one in three of Britain's 1.5 million cars last year at its northern English Sunderland plant, although annual production levels at the site will drop this year. Nissan, which was encouraged by then Prime Minister Margaret Thatcher in the 1980s to use Britain as a gateway to the Continent, has spent 100 million pounds on investment in a new Juke model, due to begin production next week.
No-deal Brexit tariffs of 10% on vehicles would be unsustainable for Nissan in Europe, where it runs Britain's biggest car factory, the Japanese company warned on Thursday. The automaker made nearly one in three of Britain's 1.5 million cars last year at its northern English Sunderland plant, although annual production levels at the site will drop this year.
Renault SA's CEO, Thierry Bollore, denounced as a "coup" his potential exit from the French carmaker, which has called a board meeting on Friday to discuss governance matters. Bollore also told Les Echos newspaper on Thursday he was appealing to the key Renault shareholder, the French state, to avoid destabilizing the company. "The brutality and the totally unexpected character of what is happening are stupefying ... This coup de force is very worrying," Bollore said.
Nissan said it will begin making the next-generation Juke vehicle at Britain’s biggest car plant on Monday, just over two weeks before a possible no-deal Brexit which the industry has warned could bring production to a halt. Nissan decided in 2015, before the 2016 referendum was even held, to make the latest version of the sport utility vehicle at its northern English Sunderland factory, reflecting how major decisions are made years in advance. The Japanese company, which was encouraged by Prime Minister Margaret Thatcher in the 1980s to use Britain as a gateway to the Continent, has spent 100 million pounds on the latest investment in Juke with 70% of the output for EU markets.
Nissan’s European business model would be in “jeopardy” if the company faced tariffs from a no-deal Brexit, the carmaker said, in the strongest warning yet over the future of its Sunderland production site. Almost 70 per cent of the cars made at the north-east plant are sold to Europe, according to Nissan’s European chairman Gianluca de Ficchy.
Renault’s board will vote on replacing its chief executive, Thierry Bolloré, at a meeting on Friday morning as the carmaker looks to ease tensions with alliance partner Nissan and remove another link to ousted boss Carlos Ghosn. In a short announcement on Thursday afternoon Renault said that its board would meet “to discuss the corporate governance of the group”.
Renault SA (OTC: RNLSY) is trying to tap into the electric market as its industry peers are rapidly expanding their electric offerings. What many forget is that Nissan and Renault are in fact one of the early ones who acted on the electric trend, with Zoe and Nissan Leaf respectively. Being all-electric, it could even compete with Tesla Inc.'s (NASDAQ: TSLA) Model 3 and Volkswagen AG (OTC: VWAGY)'s ID.3.
Nissan workers at the carmaker’s Sunderland plant have been told that the factory’s night shift is to end. The Nissan statement said: “To support the production of the new Juke [small sport utility vehicle], extra manufacturing staff will be needed on the plant’s production Line Two. Nissan declined to give any further details.
(Bloomberg) -- The National Basketball Association lost almost all of its major Chinese sponsors in the country, the league’s biggest market outside the U.S., as the government flexes its economic muscle after a tweet backing Hong Kong’s protesters triggered a backlash.A local joint venture of Nissan Motor Co. was the latest to distance itself from the U.S. league, joining China’s largest sportswear maker, the second-biggest dairy firm and a smartphone brand who all said they were pulling out. State television CCTV and tech giant Tencent Holdings Ltd. said Tuesday they won’t show NBA’s pre-season games.In the latest China controversy involving the basketball organization, Beijing is resorting to a time-tested strategy of targeting businesses it deems to challenge its political interests -- especially those questioning its sovereignty over certain territories. The furor, triggered by last week’s tweet by an official with the Houston Rockets, has imperiled the NBA in a multibillion-dollar market.“Beijing takes a zero-tolerance attitude to any perceived foreign interference in its internal affairs,” said Hugo Brennan, principal Asia analyst at global risk consultancy Verisk Maplecroft. “This explains why it is adopting such a hard-line stance.”The fracas has cast a shadow on what was supposed to be a key week for the NBA in China, with two top teams scheduled to play exhibition matches. The Brooklyn Nets -- recently bought by Alibaba co-founder Joe Tsai -- and the Los Angeles Lakers are set to clash in Shanghai on Thursday, and on Oct. 12 in Shenzhen, just across the border from Hong Kong.The row has also raised doubts if the matches will indeed proceed to plan. Both the teams, already in Shanghai, were due to speak to the media on Wednesday. But the press conferences were postponed “given the fluidity of the situation,” the league said, without giving a new date and time.China has become increasingly sensitive as challenges mount on various fronts. A trade war is exacerbating a slowdown in its $13.6 trillion economy, while pro-democracy protests in Hong Kong are raising questions about its ability to control the semi-autonomous territory. That made the now-deleted tweet by Daryl Morey, general manager of Houston Rockets, particularly inflammatory to Beijing.Dongfeng Motor Co., Nissan’s joint venture, halted its cooperation with the NBA, while the Mengniu Group, which owns a dairy company and is a long-time NBA marketing partner, said it “resolutely opposes all words and deeds that challenge China’s national sovereignty and endanger China’s social stability.” Anta Sports Products Ltd., a rising sportswear and sneaker firm that signs NBA stars as brand ambassadors, said Morey’s tweet was “wrong.”Smartphone maker Vivo said it was pulling out, while Master Kong, a maker of instant noodles and beverages, said it ended all NBA-linked marketing activities.Luckin Coffee Inc., a local rival to Starbucks Corp., also suspended all cooperation with the NBA’s local events. Ctrip.com International, an online travel agent, said on its Weibo account that it was removing all tickets and products related to the NBA from its website.A “fan night” planned for Wednesday evening, featuring NBA players and Chinese pop stars, was canceled. The local celebrities had decided to pull out of the event earlier this week. Workers were seen stripping a giant NBA banner in a mall in downtown Shanghai, while state-run CCTV said the league should apologize to Chinese fans and withdraw its comments. Some users demanded refunds from Tencent for their NBA subscriptions after the blackout of the preseason games.The backlash has intensified after NBA Commissioner Adam Silver defended Morey’s right to free speech. Silver refused to apologize and said the NBA doesn’t dictate what people can or can’t say, sparking further anger in a nation that restricts free speech. China’s Communist Party-backed Global Times fired back in a tweet saying “free speech is never free.”The NBA’s defiance shows the league is willing to pay the price for upholding what Silver called “values of equality, respect and freedom of expression” in its most promising market. Tencent, which holds local digital broadcast rights for NBA games in a five-year deal worth a reported $1.5 billion, said 490 million users watched one or more games on its platforms in the 2018-19 season, triple the number from four years ago.The league’s position also stands in stark contrast to brands from Versace to Calvin Klein that were forced by an army of Chinese internet users to apologize this year for wrongly labeling Hong Kong as a country, and not as a Chinese city. Cathay Pacific Airways Ltd. has come under intense pressure to crack down on its employees after some workers participated in the Hong Kong marches, leading to the exit of its two top executives.The NBA’s woes in China also revive memories of the wrath faced a few years ago by brands from Hyundai Motor Co. to Amorepacific Corp., which saw their sales plunge from a boycott. K-pop performances were canceled and retail conglomerate Lotte was harassed by officials after South Korea allowed the deployment of a U.S. missile defense system.‘Love China’In the U.S., the reaction has been mixed. James Harden, the most-valuable player for 2018 who plays for Houston Rockets, a team made popular in China by homegrown star Yao Ming, apologized and said “we love China.” Standing next to All-Star teammate Russell Westbrook, he added, “For both of us individually, we go there once or twice a year. They show us the most important love.”Yet some U.S. lawmakers have blasted the NBA for kowtowing to China. The NBA had earlier said in a separate Chinese statement that the league was “deeply disappointed” with Morey’s “inappropriate” comment.“What you do and say represents America to the world,” Senator Josh Hawley wrote in a letter to Silver, the NBA commissioner. “And for an American organization to help the most brutal of regimes silence dissent in pursuit of profit is appalling.”(Updates with postponed press conferences in sixth paragraph)\--With assistance from Zheping Huang, Edwin Chan, Tian Ying, Allen Wan, Adrian Wong and Michael Sin.To contact the reporters on this story: Jinshan Hong in Hong Kong at firstname.lastname@example.org;Iain Marlow in Hong Kong at email@example.comTo contact the editors responsible for this story: Sam Nagarajan at firstname.lastname@example.org, Daniel Ten KateFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Acting with unexpected speed, the board of Nissan made a grand show of cleaning house on Tuesday. Makoto Uchida and Ashwani Gupta were installed as chief executive and chief operating officer, respectively, in a purge that included more experienced names being dropped as the Japanese carmaker tries to put the torrid year since Carlos Ghosn’s arrest behind it. , the company’s pre-eminent legal brain and the main whistleblower who triggered Mr Ghosn’s downfall.
(Bloomberg) -- The struggle for the leadership of embattled Nissan Motor Co. ended in an uneasy compromise, as the top contenders all got senior roles.The carmaker’s directors tapped Makoto Uchida, 53, the head of its China joint venture, as chief executive officer, to work alongside new Chief Operating Officer Ashwani Gupta and Jun Seki, the new deputy COO. These three were all on the shortlist a week ago.One factor in the decision was suggested by Chairman Yasushi Kimura at a news conference at Nissan’s headquarters in Yokohama late Tuesday. By adopting a collective-style leadership, the board ensures that no one can dominate decision-making, a clear reference to ousted leader Carlos Ghosn’s outsized influence over Nissan and its alliance with top shareholder Renault SA.Nissan shares fell 1.1% to 653 yen at the close in Tokyo Wednesday. The stock is down 26% this year.Ghosn led both companies for years and held their two-decade partnership together until his arrest last November on allegations of financial misconduct, which he has denied. His downfall exposed shoddy corporate governance at Nissan and brought long-standing tensions between the automakers to the fore.Relations were further strained when Nissan’s failure to back Renault’s plan to merge with Fiat Chrysler Automobiles NV effectively scuttled the transaction.Nissan would be open to evaluating a Fiat deal after it rebalances its lopsided shareholding relationship with Renault, according to people familiar with the situation. Renault Chairman Jean-Dominique Senard wants to start the search for a successor to CEO Thierry Bollore, and the matter may be on the agenda at the carmaker’s board meeting on Oct. 18, Le Figaro newspaper reported.The French carmaker holds 43% of Nissan, while the Japanese company owns 15% of Renault, without voting rights. While talks haven’t resumed, a change of management at Nissan was seen by some as a precondition for restarting discussions, the people said, asking not to be named citing private matters.Uchida’s most urgent tasks will be to reverse a slide in profit and execute a massive overhaul, all while navigating the treacherous corporate and political crosscurrents in Japan and France. His appointment follows the September departure of Hiroto Saikawa, who resigned as CEO following a scandal over pay.Uchida ran Nissan’s joint venture in China, the carmaker’s single biggest market, accounting for almost a third of its operating income in recent years. He joined Nissan from Nissho Iwai Corp. in 2003, and won favor with Renault while collaborating with the French firm on joint procurement, said people familiar with the matter, who asked not to be identified.Known for his overseas experience, Uchida has also worked for Renault Samsung in South Korea. He studied theology at Doshisha University, an unusual background for someone in the auto industry.Nissan’s leadership search came at a critical time for the company, which reported decade-low profits in July and announced plans for 12,500 job cuts. Auto sales are slowing across the globe and new technologies from self-driving cars to electrification are disrupting the industry.“There is restructuring to be done at home and abroad, new vehicle development needs to speed up, while management coordination with Renault and efforts to improve profitability are in disarray,” said Koji Endo, an analyst at SBI Securities Co. “There are so many things to do.”Gupta was viewed as a supporter of the auto-making alliance, which includes Mitsubishi Motors Corp., winning him the favor of Renault Chairman Jean-Dominique Senard. Born in Dehradun, India, Gupta graduated from the country’s Jawaharlal Nehru Engineering College before obtaining a diploma from French business school Insead.A Renault representative declined to comment on the Nissan appointments.The 49-year-old Gupta started his career in 1992 in engineering and purchasing in private industry and later moved to management positions with Honda Motor Co. in India and Japan. In 2006, Gupta became general manager of purchasing at Renault India in Mumbai, and in 2008 moved to the Renault Nissan Purchasing Organization in France as global supplier account manager for braking systems.“Uchida and Gupta seem to have a good balance,” said Tatsuo Yoshida, a senior auto analyst at Bloomberg Intelligence in Tokyo. “Mr. Uchida has experience outside of Nissan and came from a trading company, while Mr. Gupta is not Japanese nor French and has worked at other Japanese automakers, which can help the alliance strengthen.”Seki is a former Nissan China chief. A Nissan lifer who joined in 1986, he worked in engineering and production and has mostly kept a low profile.Seki graduated from Japan’s National Defense Academy, an uncommon background for someone at an automaker, because most graduates go on to serve in Japan’s Self-Defense Forces. He’s seen as someone who’d be sympathetic to Japanese interests, people with knowledge of the matter have said.(Updates with Nissan share reaction in fourth paragraph)\--With assistance from Reed Stevenson, Tommaso Ebhardt, Siddharth Philip, Masatsugu Horie and Angus Whitley.To contact the reporters on this story: Kae Inoue in Tokyo at email@example.com;Ania Nussbaum in Paris at firstname.lastname@example.orgTo contact the editors responsible for this story: Kenneth Wong at email@example.com, Frank Connelly, Tara PatelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Boardroom drama on Friday (October 11) at french carmaker Renault - Its CEO Thierry Bollore has been voted out. The French carmaker and Japanese partner Nissan are seeking a fresh start following the scandal-hit tenure of former alliance boss Carlos Ghosn. He's been accused of financial misconduct - which he denies. Bollore, who had long been Ghosn's right-hand man, was promoted to steady the ship this year, with Jean-Dominique Senard brought in as chairman. But Bollore had an uneasy relationship with Nissan, according to sources familiar with the matter. And Renault and the French state - its key shareholder - have emphasised their wish to repair ties and reinforce the alliance. Bollore has been replaced by the firm's financial director, Clotilde Delbos, as an interim boss. Renault was expected to shake up its management at some stage, as Senard had a mandate to overhaul governance at the firm as well as strengthen ties with Nissan. Bollore's fate was sealed swiftly and dramatically this week. The executive denounced his looming exit as a "coup" in a newspaper interview on Thursday. It comes hot on the heels of a management reshuffle at Nissan, which has also just replaced its CEO. Renault shares were up 4.3% following the announcement.