Blow for Carlos Ghosn as Renault votes unanimously for pay cut

Former Renault-Nissan chief is to lose €30m in pay and shares as his lawyer quits

Renault’s board of directors has voted unanimously to strip former boss Carlos Ghosn of up to €30m (£26m) in pay and severance.

Renault issued a statement on Wednesday saying its board had agreed to waive Ghosn’s non-compete clause and as a result the company would not be paying the compensation linked to this agreement. The move has the backing of the French government.

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