TOKYO — Nissan Motors said Monday it was moving to dismiss chairman Carlos Ghosn after uncovering “significant acts of misconduct,” including underreporting his own salary. Ghosn is considered one of the car industry’s top executives and is the one of the most highly paid corporate bosses in Japan. He is widely credited with having saved Nissan from bankruptcy, and he also serves as chairman and chief executive of France’s Renault. Brazilian-born, of Lebanese descent and a French citizen, he is one of the few foreigners in such a senior position in Japan. Nissan said it had been conducting an internal investigation over the past several months based on a report from a whistleblower regarding misconduct involving Ghosn and Representative Director Greg Kelly. “The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation,” it said in a statement. “Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly’s deep involvement has also been confirmed.” Nissan said CEO Hiroto Saikawa would propose to the board to remove Ghosn and Kelly. The Yomiuri newspaper reported that Ghosn was arrested by Tokyo prosecutors, while the Asahi newspaper reported that prosecutors began searching offices at Nissan’s headquarters and other locations on Monday evening. Renault shares tumbled 13 percent in Paris, while Nissan’s German-listed securities fell 12 percent. Ghosn, 64, began his career at Michelin in France before moving on to Renault.
Stories Related to Nissan Moves To Dismiss Chairman Ghosn For Serious Financial Misconduct
Contributed, Bangor Daily News
Mon, 11/19/2018 - 5:21am
Sections: u.s.
Topics: Maine Penobscot County Bangor
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