Nov 22, 2018

Carlos Ghosn: Nissan board votes to dismiss chairman

Nissan's board will meet on Thursday to decide whether to remove Carlos Ghosn as chairman after he was arrested on allegations of financial misconduct. Nissan has accused Mr Ghosn of "Significant acts of misconduct", including under-reporting his pay package and personal use of company assets. Both Nissan and Mitsubishi said they would propose the removal of Mr Ghosn as chairman. Renault said Mr Ghosn would remain as its chairman and chief executive but appointed a temporary deputy chief executive to take over the running of the carmaker. Despite selling fewer vehicles, Renault has a 43% shareholding in Nissan, while Nissan's stake in Renault is only 15%. Mr Ghosn was seeking to strengthen it before his arrest, according to the Financial Times, which reported that he had been planning a merger between Renault and Nissan - a deal which Nissan's board opposed.

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