Nissan's Chairman Carlos Ghosn ousted over financial misconduct allegations
Nissan Motor Chairman Carlos Ghosn was arrested on Monday, November 19, for alleged financial misconduct and will be fired from the board this week, a dramatic fall for a charismatic leader hailed for rescuing the Japanese car-maker from close to bankruptcy.
Nissan said that an internal investigation, triggered by a tip-off from a whistle-blower, revealed 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 on Monday that too much power had been concentrated on Ghosn, a rare foreign executive who enjoyed corporate superstar status in Japan for reviving the ailing Japanese brand.
Saikawa said he could not give specifics on the personal use of company money, but said that the wrongdoing was serious and unacceptable and had gone on for years. Ghosn could not be reached for comment.
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