Last Friday, the board of French carmaker Renault insisted it would pay chief executive Carlos Ghosn a package of 7.2 million euros for his services in 2015, despite a revolt by shareholders who disapproved of the deal which economy minister Emmanuel Macron on Tuesday denounced as “excessive”. In this opinion article, Mediapart’s economic affairs correspondent Martine Orange argues that Ghosn, who is also paid a yearly 8 million euros as head of Nissan, is typical of a new caste of cynical oligarchs who are unaccountable to anyone, even to the very shareholders who first launched them on a path of greed.
Economy minister Emmanuel Macron unhappy at plans to dilute French government's shareholding in favour of Renault's partner Nissan.
The French government has reportedly irked Nissan and caught Renault board by surprise in move to double its stake and clout in the carmaker.
French car group will build partner company Nissan's next-generation Micra car at its Flins plant in an effort to utilise excess capacity.
The rumour mill is working overtime in the French business world and at Renault, where the carmaker's CEO Carlos Ghosn is fighting to keep his job after the fiasco of false espionage allegations against three top executives which saw them fired on false pretences, and led to the resignation of the company's N°2, Patrick Pelata. Officially all is well again, but Ghosn now faces a fierce battle against those determined to have his head for other reasons, not least French President Nicolas Sarkozy. Martine Orange and Laurent Mauduit report on the malaise surrounding the man at the wheel of one of France's industrial giants.