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

Renault scraps parts of Ghosn's pay deal

FILE PHOTO: A street monitor showing a news report about arrest of Nissan Chairman Carlos Ghosn is seen next to Christmas illuminations in Tokyo, Japan November 21, 2018. REUTERS/Toru Hanai/File Photo

PARIS (Reuters) - Renault (RENA.PA) 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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