Ghosn Faces Investor Showdown on $9 Million Renault Pay
- French state to oppose 2017 compensation at annual meeting
- Carmaker unveils EU1 billion spending plan for electric cars
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Renault SA Chief Executive Officer Carlos Ghosn is facing an uncomfortable showdown with investors on Friday over his 2017 pay after the French government, the carmaker’s biggest shareholder, signaled it would vote against the 7.4 million euros ($9 million) package at the annual meeting.
The state, which holds a 15 percent stake in Renault with additional voting rights, voiced its opposition to last year’s compensation at a board meeting in February when it agreed to extend the executive’s term for another four years, a government official said Thursday. Ghosn, 64, accepted a pay cut for 2018 and agreed to work on a succession plan and deeper ties with partner Nissan Motor Co., where he was paid about 1.1 billion yen ($10 million) for 2016.