Nissan to oust Ghosn after arrest for alleged financial misconduct
Source: Reuters
Nissan Motor Co Chairman Carlos Ghosn was arrested on Monday for alleged financial misconduct and will be fired from the board this week, a dramatic fall for a leader hailed for rescuing the Japanese carmaker from close to bankruptcy.
Ghosn is also chairman and chief executive of Nissan's French partner Renault and his departure will raise questions about the future of the alliance.
Nissan said an internal investigation, triggered by a tip-off from a whistleblower, had revealed that Ghosn engaged in wrongdoing including personal use of company money and under-reporting for years how much he was earning.
Nissan CEO Hiroto Saikawa said too much power had been concentrated on Ghosn, one of the best known figures in the global car industry and a rare foreign executive who enjoyed corporate superstar status in Japan for reviving the ailing Japanese brand.
Read more: https://news.yahoo.com/nissans-carlos-ghosn-arrested-japan-084553922.html
This is rather surprising news. Ghosn was credited with reviving Nissan over the past decade.