Monday , September 28 2020

Renault waives Thierry Bolore's non-competition clause



PARIS (Reuters) – Thierry Bolore, who was fired as CEO of Renault in October, is free to work in another car maker after the diamond group's board of directors dropped a request to apply his non-compete clause.

The decision, issued in a council statement issued Tuesday, is part of arrangements found with former Renault number two, one month after his gruesome departure, according to group president Jean-Dominique Sennard, to return a second wind to the French manufacturer and its alliance. with Nissan.

"In light of the non-competition commitments entered into by Mr Thierry Bolore on April 3, 2019, the Board of Directors has decided to forgo its profits," the statement said. "Therefore, there will be no financial compensation for Mr. Thierry Bolore. "

Since leaving Renault, the former chief executive has lost the benefit of the current "retirement cap" regime.

With regard to his presence in 2019, Thierry Bolore earns a fixed salary of 651,915 euros gross, which can add up to about 814,900 euros of variable salary. This is Renault's general meeting in 2020 to determine the extent to which the former CEO has met the performance criteria that determine the amount of his variable compensation.

As part of a transaction deal with Thierry Bolore, he retains the benefits of performance stocks due in 2017 and 2018 and the option to exercise until the end of 2020 the stock options he holds. In return, he waives all claims "in respect of his duties and their termination".

Clotilde Delbos, who succeeds the CEO, retains the employment contract that corresponds to her duties as chief financial officer "given the exceptional circumstances and transitional nature" of the situation.

His fixed salary is 528,671 euros, plus 371,329 euros to reach the 900,000-euro – non-variable – compensation levied by shareholders on each Renault CEO or CEO.

(Illil William, edited by Jeananne-Michel Bellot)

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