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The Nissan Board decides to reject Ghosn as leader




Updated


TOKYO (AP) – Nissan's board will meet on Thursday to decide to reject his chairman Carlos Ghosn after his arrested suspicion of under reporting his income.

Earlier This week, alliance partner voted Renault to retain him as his CEO, but appointed Thierry Bollore, chief executive officer, as temporary manager.


Hiroto Saikawa, Managing Director of Nissan Motor Co., said that Ghosn should be wiped out. Ghosn is suspected of under reporting of $ 44.6 million in revenue from 2011 to 2015, according to Tokyo prosecutors.

Nissan's board consists of nine members, including Ghosn and a representative director named Greg Kelly, who was also arrested on Monday suspected of cooperating with Ghosn in fake financial reporting. A majority, or at least four votes out of seven, is required to proceed with the dismissal.


Ghosn and Kelly will remain on Nissan's board, regardless of the outcome of Thursday's vote, when the resolution will be up to shareholders. No date is set for the shareholders meeting.

Ghosn is also the leader of Mitsubishi Motors Corp., a Japanese automaker who cooperates with Nissan. The smaller automaker said that a board meeting is scheduled for next week.

Ghosn and Kelly have been detained since the arrest on Monday.

Under Japanese law, suspects may be held for 20 days per possible charge without an official accusation. Additional fees may be noted, which results in longer cancellations.

The maximum sentence of conviction for violations of finance and exchange laws is 10 years in jail, a 10 million yen ($ 89,000) fine, or both.

Ghosn, 64, served as Nissan's chief executive from 2001 to last year. He became CEO of Renault in 2005, who led the two car manufacturers at the same time. In 2016 he became director of Mitsubishi Motors Corp. after Nissan took it into the alliance.

Kelly, 62, joined Nissan in the United States in 1988 and became a board member in 2012. His background over the years has been in human resources and alliance management.

Analysts say the future of Nissan's alliance with Renault, and other automakers must be as closely monitored as what happens to management. Renault owns 43 percent of Nissan, and Nissan owns 15 percent of Renault.

Over the years, Ghosn has served as an important symbol of Nissan's awakening. He ruled maker of Leaf electric car and Infiniti luxury models out of close bankruptcy since 1999, when he was sent by Renault to transform Nissan.


Now the alliance must press without Ghosn.

Nissan's Managing Director Hiroto Saikawa has said that it was time for a change and that too much power was concentrated in Ghosn, with insufficient transparency.

Reports say Nissan leaders are suggesting that the two companies merge.

Janet Lewis, chief executive officer and head of industrial research, Asia, at Macquarie Capital Securities in Tokyo said that an adjustment was needed to give Nissan more to say in the alliance, but the alliance remains crucial for both companies.

Besides financial bonds through shareholdings, companies share technology, as the basic parts for vehicles are built.

Automakers must be like housemates instead of marriages, Lewis says.

"So they have to find a way to share houses and sh is all their expertise because it's very necessary for new car technology, new platform development," she says.

"They need to figure out how to continue this and still live happily together in the same house. "[19659014] ___

Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama

On Instagram at https://www.instagram.com/yurikageyama/? hl = en / 19659037]



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