Carlos Ghosn resigns as head of Renault

Renault CEO Carlos Ghosn (pictured), held in a Japanese prison since 19 November, has resigned as it becomes clear his predicament in Japan could end up taking much more time.

Mr Ghosn was arrested on charges of financial misdeeds, including understating his income by tens of millions of dollars and transferring personal trading losses to the company. If convicted, Mr Ghosn could face years in prison.

His resignation was announced by French Finance Minister Bruno Le Maire. He will be replaced as chairman by Michelin head Jean-Dominique Senard and as CEO By Thierry Bollore, who had already stepped in for him on an interim basis.

Mr Ghosn had been at the helm of Renault since the mid-nineties, where he started the alliance between Renault and Nissan, later adding Mitsubishi.