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Nissan set to remove chairman Ghosn

Date: 21 November 2018

One of the world's most renowned car manufacturer chiefs is expected to be fired, following allegations of financial misconduct.

Nissan chairman Carlos Ghosn has been arrested in Japan, and is set to be removed from his position by the Nissan board of directors.

In a statement, Nissan said an internal investigation had shown that over many years Ghosn had been stating his financial remuneration in the Tokyo Stock Exchange securities report at less than the actual amount.

The statement added: "Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.

"Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation. We will continue to do so.

"Nissan deeply apologises for causing great concern to our shareholders and stakeholders."

Renault, of which Ghosn remains chairman and chief executive at the time of writing, has issued a statement saying it is unable to comment on the Nissan investigation, but it has appointed Thierry Bollore on a temporary basis as deputy chief executive officer, to take over the running of the company for the time being.

Ghosn joined Renault from Michelin in 1996, and was appointed COO then CEO of Nissan after the French manufacturer took a major stake in the company.

Ghosn has been credited with reviving the fortunes of Nissan and Renault, and led the creation of the alliance between the two companies, which grew in 2016 to include Mitsubishi.