Nissan’s board oust Carlos Ghosn as chairman

Nissan Motor’s board voted on Thursday to oust Carlos Ghosn from his post as chairman following his shock arrest this week, public broadcaster NHK reported, marking the stunning downfall of the executive once hailed as the saviour of the Japanese automaker.

The removal of Ghosn clouds the direction of the Renault-Nissan alliance, which he had personally shaped and pledged to consolidate with a deeper tie-up despite reservations at Nissan. Ghosn is also Renault’s chairman and chief executive.

The board also voted to remove Greg Kelly from his position as representative director, the Nikkei newspaper reported.

Nissan said on Monday an internal investigation triggered by a tip-off from an informant had revealed that Ghosn engaged in wrongdoing including personal use of company money and under-reporting of his earnings for years.

Tokyo prosecutors have accused Ghosn and Kelly of financial misconduct and they remain in custody. Ghosn and Kelly have not commented on the accusations.

A Nissan spokesman declined to comment while Renault’s board urged Nissan’s board before its meeting on Thursday to delay removing Carlos Ghosn from his position as chairman, sources familiar with the matter told.

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