Carlos Ghosn’s reign at Renault is officially over. French Finance Minister Bruno Le Maire told Bloomberg TV Ghosn resigned as chairman and CEO of Renault last night. Ghosn has been in jail in Japan since his arrest in November over allegations that include understating his income. Renault's Board of Directors met in France this morning making several key decisions. The company says the board has decided to separate the functions of Chairman of the Board and Chief Executive Officer. The Board elected Jean-Dominique Senard as chairman. Thierry Bolloré was appointed Chief Executive Officer. 

Renault has had a 20-year partnership with Nissan. Their alliance also includes Mitsubishi Motors. At Nissan’s headquarters in Japan CEO Hiroto Saikawa issued a statement saying, "We welcome these management changes at Renault.” Nissan also has called for a shareholders meeting in April to discuss removing Carlos Ghosn and Greg Kelly as directors, and appointing replacements.