February 13, 2019 / 1:51 PM / 8 days ago

Renault scraps parts of Ghosn's pay deal

FILE PHOTO: Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, poses after the Renault's 2015 annual results presentation at their headquarters in Boulogne-Billancourt, near Paris, France, February 12, 2016. REUTERS/Benoit Tessier/File Photo

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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