Thursday , June 1 2023

Nissan cancels his president Carlos Ghosn after his arrest


TOKYO (Nissan) – Nissan launched its president Carlos Ghosn on Thursday after nearly two decades of mandate with the Japanese company due to serious allegations of misappropriation, including false revenue reports and misuse of company assets.

During a meeting that lasted for several hours, the board of directors unanimously voted to shoot Ghosn and his deputy director, Nissan Motor Co., said in a statement.

A few days before, his Renault ally voted to keep him as CEO, but he appointed his operational director, Thierry Bollore, as interim chief.

Greg Kelly, who has been arrested on suspicion of collaborating in this crime, will also be fired as a senior executive, Nissan reported. Replacement will be decided later, he added.

It is suspected that Ghosn has not reported revenue of $ 44.6 million from 2011 to 2015, according to Tokyo prosecutors.

The board of directors is made up of nine members, including Ghosn and Kelly. The other seven voted at the meeting, including two Nissan members and two Renault.

For now, Ghosn and Kelly will remain on the board of directors, since that decision rests with shareholders. A date was not provided for that meeting.

Ghosn, 64, is also the chairman of Mitsubishi Motors Corp., a smaller Japanese manufacturer who will work with the Renault-Nissan alliance. The company said it would schedule a Council meeting next week.

Since being arrested Monday, Ghosn and Kelly have been in a Tokyo detention center.

Under Japanese law, suspects may be detained for 20 days for a possible charge without an official charge. Additional charges can be made, resulting in longer arrests. So far no one has been charged.

If convicted, the maximum penalty for financial fraud and commercial law violations is 10 years in prison, a fine of 10 million yen ($ 89,000), or both.

A French citizen born in Brazil, Ghosn has become a kind of corporate superstar in Japan by rebirthing Nissan after it was almost bankrupt when Renault sent him to help him in 1999.

Kelly, 62, joined Nissan in the United States in 1988. He became a member of the board of directors in 2012. His profile is in human resource management and alliances.


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