Word: ghosn
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Dates: during 2000-2009
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...Carlos Ghosn is the CEO of Nissan Motor Co. of Japan and Renault S.A of France, which have benefited from a six-year cross-ownership alliance. This week, Ghosn was in the U.S. for talks with struggling General Motors, to test GM's appetite for forming a three-way alliance. Ghosn is perhaps the automotive industry's most accomplished executive, having pulled both Nissan and Renault out of nose dives. On his way to Detroit, he stopped in New York City to talk with TIME's business editor Bill Saporito. Here are his views on the potential GM hookup...
...Engine? An ailing carmaker seeks change Auto-biz turnaround whiz Carlos Ghosn, CEO of Renault and Nissan, visits Detroit this week to discuss an alliance with struggling General Motors, whose shareholders are agitating for reform--and a higher stock price...
...remolded the company, Ghosn became a business hero and media superstar in Japan. Now spending "about 10 days a month in Japan"--where his wife Rita still owns the My Lebanon restaurant in Tokyo--and two weeks in Paris, Ghosn says he gets the "best of both worlds." The rest of his time is mostly spent overseeing Nissan's struggling U.S. business. Renault pulled out of the U.S. market in 1997, and Ghosn says it won't return "until we can dedicate all our mind, heart, guts and soul--and even then [we may] not be assured of success...
Almost everything about his plan is a gamble. Waiting until 2009 for full results means that the market may be dominated by "disappointing business news that Ghosn himself has warned of," says Christophe Laborde, an auto-industry analyst for ING in Paris. That could undermine Renault's share price, Laborde continues, and force Ghosn to respond with wider job cuts such as rivals have made. Meanwhile, Philippe Martinez, head of the automotive sector at the General Confederation of Labor, France's labor union, is pleased that the plan has avoided firings. But he would also like to see "significant numbers...
...French state still owns 15.7% of its former property Renault, so no past CEO has expected an entirely free hand. If Ghosn is forced to renege on his promise to avoid layoffs, Renault's fortunes could become a political issue in the 2007 presidential elections. But Ghosn suggests that times--and France--have changed. He's the first Renault president selected purely for his business record, rather than for his political contacts. "If they'd wanted a yes-man at Renault," he says, "I wouldn't have been named...