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Renault Won't Pay Ghosn's $34 Million Golden Parachute

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Renault Won't Pay Ghosn's $34 Million Golden Parachute

Renault Won't Pay Ghosn's $34 Million Golden Parachute

PARIS -- The board of Renault was poised to cancel as much as 30 million euros ($34 million) in deferred pay and severance to its ousted boss Carlos Ghosn, as directors met on Wednesday to approve its full-year accounts, sources told Reuters.

Renault will scrap around 460,000 performance shares attributed to Ghosn since 2014-15 and now worth 26 million euros, under proposals backed by the French government, its biggest shareholder, two people familiar with the matter said.

The board is also likely to drop a two-year noncompete clause worth $4.5 million-$5.7 million to Ghosn, who was forced out in January following his arrest in Japan for suspected financial misconduct at Nissan, Renault's alliance partner.

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