Carlos Ghosn removed as Nissan chairman

Earlier this week, we had reported that Nissan chairman Carlos Ghosn was arrested by the Japanese Police following a financial misconduct. Now, Nissan has confirmed that he has been removed as the chairman of the company. Greg Kelly has also been removed as representative director.

The decision was taken after the board of directors met to discuss the issue. The board also confirmed that the Alliance partnership with Renault will not be affected. Greg Kelly and Carlos Ghosn were arrested by the Japanese Police for underreporting compensation amounts to the Tokyo Stock Exchange.

Nissan will set up a special committee to improve the governance of director compensation. The board of directors will propose nominations for Ghosn's replacement.

Carlos Ghosn continues to be the chairman of Renault and Mitsubishi.