Ghosn ousted from Nissan due to "significant acts of misconduct"

Carlos Ghosn arrested; Nissan likely to sack him

The Japanese automaker said that based on a whistleblower report, it had been investigating possible improper practices by Ghosn and Representative Director Greg Kelly for several months, and that it was fully cooperating with investigators.

Ghosn and Director Greg Kelly have been under investigation at Nissan for several months, and the board is set to meet Thursday to remove them both.

Nissan said it planned to oust Chairman Carlos Ghosn after alleging he had used company money for personal use and committed other serious acts of misconduct. Chairman Carlos Ghosn answers questions during an interview in Yokohama.

The magazine referred to Ghosn as the "hardest-working man in the brutally competitive global auto business" because he splits his time between Paris and Tokyo, logging roughly a 150,000 miles in airplanes a year.

The longtime leader of the Renault-Nissan alliance allegedly engaged in misconduct, CNN reported.

He is credited with transforming the company from near-bankruptcy to profitability within two years and steering the auto maker into an expansion in China, one of Nissan's key markets by volume.

Another important lesson from Monday's news, Brenner says, is that "every company should have a succession plan, including an emergency succession plan". In 2009, he was also appointed chairman of the board. The alliance sold 10.6 million vehicles previous year, more than one in nine of worldwide auto sales.

Shares in Renault SA of France plunged 14 percent early Monday.

News reports from the Asahi Shimbun and NHK came about late afternoon of November 19, Monday, that Nissan Motor Co.

Nissan forecast a flat year in 2018 for the Middle East vehicle market, as still-slow economic growth and the introduction of Value-Added Tax has taken a toll on consumption, the company's regional director said in June.

Although not shedding enough light on the subject - more will probably surface in the hours ahead - Nissan "deeply apologizes for causing great concern to our shareholders and stakeholders".

Beyond his role as Nissan chairman, Ghosn also chairs the alliance between Nissan, Renault and Mitsubishi Motors.

Ghosn, 64, built the three-way union of Renault, Nissan and Mitsubishi Motors Corp. He was treated with the same adulation as rock stars or sports celebrities, perhaps partly because he was unusual in Japan as a non-Japanese chief of a major company.

But he has also faced opposition, including over his pay, with his compensation package Renault prompting a spat with shareholders and criticism from France's then-economy minister Emmanuel Macron. The Renault-Nissan-Mitsubishi alliance, which started work on the electronic vehicle development efforts in 2008, recently said it planned to produce 12 new electric cars within five years.

Brazil-born Ghosn, a workaholic who turned up at the office at 7 am and left only at 11 pm, made sure the company earned profits in less than just two years after he joined it. Ghosn stepped down as Nissan chief executive and president in April but continued as its chairman. In addition to this, he received €9.2 million in his final year as Nissan chief executive.

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