French carmaker Renault today said it has re-elected Carlos Ghosn as the Chairman and Chief Executive Officer of the company for a four-year period.
"Renault's board of directors has re-elected Carlos Ghosn as Chairman and Chief Executive Officer for a four-year period, following the renewal of his directorship by the Annual General Meeting of April 30, 2010," the company said in a statement.
The company also renewed the terms of Executive Vice President of Purchasing and Leader of the Asia-Pacific Region Hiroto Saikawa for the next four years. He is also Renault's Japanese partner, Nissan Motor Company's Executive Committee Member.
In his address at the AGM, Ghosn said the company will focus on increasing its market share and reducing cost in order to achieve a positive free cash flow in 2010.
"We will continue to accelerate synergies with Nissan as part of the Alliance, with new actions that should produce results in 2010," he added.
On the company's presence in emerging markets, Ghosn said Renault will leverage from joint operations with its alliance with Nissan.
"We are combining our strengths with Nissan, notably in India, Russia, Brazil and Mexico. The Alliance product strategy has been finalised in India and Russia, and Renault and Nissan will pool their production capacities and platforms there to fully deliver on these developments," he added.
He said the automotive industry went through the worst crisis in its history in 2009.
"We foresaw the arrival of an economic recession. Indeed, Renault was the first automotive manufacturer, as early as July 2008, to take crisis measures," Ghosn said, adding that the crisis triggered in September 2008 surprised the entire economic and political world by its intensity and suddenness.