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Nissan, Renault, M'bishi to set up post-Ghosn alliance operating body

From left, Renault CEO Thierry Bollore, Renault Chairman Jean-Dominique Senard, Nissan CEO Hiroto Saikawa and Mitsubishi Motors Chairman and CEO Osamu Masuko pose for photographers after their joint press conference at Nissan headquarters in Yokohama, on March 12, 2019. (AP Photo/Eugene Hoshiko)

YOKOHAMA (Kyodo) -- Nissan Motor Co., Renault SA and Mitsubishi Motors Corp. said Tuesday they will set up a new body to manage their alliance chaired by Renault chief Jean-Dominique Senard, after former boss Carlos Ghosn was arrested for alleged financial misconduct in November.

The three automakers have said they want to manage the partnership in a more consultative and balanced manner than under the previous structure as too much power was concentrated on Ghosn, the former chairman of the three companies.

The body will consist of Senard, Nissan President and CEO Hiroto Saikawa, Mitsubishi Motors Chairman and CEO Osamu Masuko and Renault CEO Thierry Bollore, the four said in their first joint press conference.

The body will make decisions by consensus, Senard said, adding that he is not seeking to be chairman of Nissan, a post left vacant after Ghosn's arrest in November for allegedly understating his remuneration in Nissan's financial statements and transferring derivatives losses from his private asset management company to the Japanese automaker's books.

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