February 13, 2019 / 1:35 PM / 2 months ago

Renault scraps parts of Carlos Ghosn's pay deal

The logo of French car manufacturer Renault is seen at a dealership of the company in Illkirch-Graffenstaden near Strasbourg, France, January 10, 2019. REUTERS/Vincent Kessler/Files

PARIS (Reuters) - Renault on Wednesday said it had decided to scrap certain lucrative pay arrangements for former chairman and chief executive Carlos Ghosn.

“The board unanimously decided, at its meeting of 13th February 2019, to waive Mr. Ghosn’s non-compete commitment and, consequently, not to pay the corresponding compensation equal to two years fixed and variable compensation,” the company said.

Reporting by Sudip Kar-Gupta, Laurence Frost and Gilles Guillaume; editing by Jason Neely

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