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Thursday 's vote of Nissan' s board of directors puts an end to Mr Ghosn 's reign at the company' s top for nearly two decades and could break a powerful alliance. that he forged with Renault.
Ghosn was arrested Monday by Tokyo prosecutors following an internal investigation by Nissan (NSANY) revealing "serious acts of conduct" over several years, including an underestimation of his income in reports financial abuse and misuse of the assets of the company. The Brazilian car legend has not yet publicly commented on these accusations.
In a statement to the Tokyo Stock Exchange, Nissan announced that its directors, led by CEO Hiroto Saikawa, had voted unanimously in favor of the removal of Mr. Ghosn. and another director, Greg Kelly, of their positions.
Kelly was also arrested by Tokyo prosecutors after being accused of wrongdoing by the company.
Nissan has announced the creation of a special committee to improve the oversight of the company and find a replacement for Mr. Ghosn. Nissan did not immediately appoint an acting president.
French car manufacturer Renault (RNSDF) Earlier this week, Ghosn was not removed from his role as CEO and Chairman of the Board, who is waiting for more information on the criminal investigation.
Mitsubishi Motors (MMTOF), third member of the automobile alliance built by Ghosn, asked his board of directors to "withdraw it quickly" as president.
Veteran of the industry
Ghosn is one of the most prominent leaders in the automotive industry.
Prosecutors allege that Ghosn and Kelly collaborated to under-report Ghosn's income of about 5 billion yen ($ 44 million) over a five-year period ending in March 2015. The maximum sentence in Japan for the filing of a false financial statement can go up to 10 years of imprisonment and a fine of up to 10 million yen ($ 89,000).
Nissan's statement Thursday described Kelly as the "brain" of the ploy.
Japanese public broadcaster NHK reported on Tuesday that Ghosn also failed to properly disclose Nissan-provided housing in four countries. NHK said prosecutors suspect Ghosn of pocketing money for other Nissan executives.
Japanese prosecutors still have to formally charge Ghosn. He is currently held in a detention center where prisoners usually receive basic rations including rice and miso soup.
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