Nissan board votes unanimously to oust chairman Ghosn
Carlos Ghosn has been removed as chairman of Japanese car maker Nissan, after nearly two decades at the helm.
CAC 40
8,007.90
12:49 19/04/24
Mitsubishi Motors Corporation
n/a
n/a
Renault
€47.82
12:49 19/04/24
Ghosn, a towering figure in the car industry, was arrested in Japan on Monday “for significant acts of misconduct” following an internal investigation by Nissan.
He has not yet been charged, but following a lengthy meeting on Thursday, Nissan’s board said it had voted unanimously to remove him and fellow director Greg Kelly, who was also arrested. Both men remain in custody.
Ghosn joined Nissan in 1999, turning around the struggling group’s fortunes before going on to forge an alliance between Nissan, fellow Japanese car group Mitsubishi and France’s Renault, to create the world’s second-largest car company.
Nissan’s is the only alliance board so far to remove Ghosn. Renault has installed an interim management team but insisted on Tuesday that Ghosn remained chief executive and chairman. Mitsubishi’s board meet’s next week to discuss his role as chairman.
Concerns are growing that the alliance may not survive the scandal. But in a statement to the Tokyo Stock Exchange, released after the meeting, Nissan said: “At the beginning of the session, the board acknowledged the significance of the matter and confirmed the long-standing partnership with Renault remains unchanged, and that the mission is to minimise the potential impact and confusion on the day-to-day cooperation among the alliance partners.”
An advisory committee has been set up to find a replacement for Ghosn.
Earlier in the week, France’s finance minister called for the Franco-Brazilian veteran to step aside at Renault, as the fallout from the chief executive’s arrest continued to send shock waves across the global car industry.
Mitsubishi bosses, however, fear that the alliance could be hard to manage without someone of Ghosn’s stature at the helm.