Renault ex-CEO Carlos Ghosn will not be paid amount equivalent of his two years salary which would have been due to him under a non-compete clause in his contract.
On Wednesday, the board said that he was not eligible for millions of euros’ in stock options which were “subject to his presence within Renault”.
#CarlosGhosn must be considered innocent until convicted. The #Japanese justice uses psychological torture & relies on an army of co-investigators @Nissan . Must be denounced by those who defend #HumanRights & dignity@PourGhosn @Renault @LaurentChoain https://t.co/xhZ008Oiyp
— Richard Straub (@rstraub46) February 8, 2019
Company sources revealed that the loss of the non-compete pay and stock options amounted to about 10 million euros ($11.3 million) for Ghosn, who remains in jail awaiting trial in Japan.
The former auto boss, once considered the most powerful man in the industry, resigned his position at Renault last month after being arrested on financial misconduct charges in Tokyo in November.
He is accused of under-reporting millions of dollars in salary as head of Nissan, Renault’s partner in an alliance Ghosn built up into the world’s top-selling auto group.
As part of his pay package, Ghosn was entitled to 100,000 Renault shares each year, but they were only convertible after four years in the company.
Ghosn was therefore unable to claims the shares from 2015, 2016, 2017 and 2018, the company said in its statement.
At current prices, the 100,000 Renault shares from 2015 would be worth some 5.7 million euros.