Renault shares fall after COO quits

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Renault shares fall after COO quits

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Shares in French car maker Renault fell after the company’s Chief Operating Officer Patrick Pelata resigned.

He quit to take the blame for an embarrassing fiasco in which Renault fired three employees suspected of leaking information on electric vehicles who, it turned out, had done nothing wrong.

Analysts said Pelata is well respected by Renault’s staff and unions, and a key asset in its necessary reorganisation

One of the three falsely accused executives, Matthew Tenenbaum, is to return to his job at Renault. He was No.2 in the electric vehicle programme.

Two other fired executives Michel Balthazar, former Director of Upstream and Projects, and his second in command Bertrand Rochette, have decided not to return to Renault.

All three have reached compensation agreements, the details have not been revealed.