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Nissan boss Carlos Ghosn to be ousted following 'serious misconduct'

Nissan boss Carlos Ghosn to be ousted following 'serious misconduct'
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James Brodie

2018-11-19 11:50

Internal investigation finds Nissan-Renault-Mitsubishi Alliance boss understated salary on Tokyo Stock Exchange

Carlos Ghosn

Nissan and Renault boss Carlos Ghosn is under investigation in Japan for financial misconduct, and is likely to be removed as chairman and CEO of the Renault-Nissan-Mitsubishi alliance imminently.

A statement produced by Nissan reveals that a whistleblower report led to the Japanese brand beginning an internal investigation regarding misconduct by Ghosn and representative director Greg Kelly.

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Nissan says its investigation unearthed both Ghosn and Kelly “reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount.” The misconduct has been recorded “over many years”.

Nissan also says that in regards to Ghosn, “numerous other significant acts of misconduct have been uncovered,” including misuse of company assets.

The statement also reads: “Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation. We will continue to do so.

“Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures.”

Those appropriate measures will more than likely include the removal of Ghosn from the head of the company and the Renault-Nissan-Mitsubishi Alliance. Nissan CEO Hiroto Saikawa has already proposed to the Nissan board of directors the removal of both Ghosn and Greg Kelly from their respective positions.

Ghosn was recruited by Renault in 1996 and became chief operating officer at Nissan in 1999, after Renault purchased a 36.8 per cent stake in the Japanese brand.

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