Carlos Ghosn, who is currently incarcerated in Japan, resigned as the boss of Renault on Thursday. Ghosn held both CEO and chairman posts in the French car manufacturing company. His resignation was confirmed by French economy minister ahead of a board meeting. According to reports, Renault’s board of directors will sit together later in the day at company’s headquarters in Paris and appoint Ghosn’s successor.

Economy Minister of France, Bruno Le Maire on Thursday confirmed that a senior director from the firm received the letter of resignation from Carlos Ghosn on Wednesday night. Reportedly, a board meeting will be now held on Thursday where Ghosn’s successors will be appointed. The rumour mill in Paris suggests that interim chief executive of the company Thierry Bollore will be appointed as the CEO while the head of the tyre manufacturer Michelin, Jean-Dominique Senard will be roped in as chairman.

Carlos Ghosn was arrested in November last year on charges of embezzlement of funds, not declaring his income and seeking to shift his personal investment losses onto Nissan. He has been behind the bars in Japan ever since but continued to serve as the boss of Renault till yesterday. Earlier, he was ousted from chairmanship of Nissan and Mitsubishi after his initial arrest.

His resignation has come a day after his second request for bail was denied and it is being reported that he will continue to serve time in prison for several months.

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