Nissan Motor Co.’s board has dismissed Carlos Ghosn as chairman, as the directors moved to contain the damage from the iconic executive’s shock arrest.
The board was meeting Thursday to vote on Ghosn’s removal. Ghosn, who has been detained by Japanese authorities since Monday, will officially remain a director, since a shareholder vote is needed to remove him from the board completely.
“It’s a coup,” said Tatsuo Yoshida, an analyst at Sawakami Asset Management, who used to work at Nissan.
The dismissal follows investigations by Nissan and Japanese authorities on alleged financial suspicions by Ghosn's leader for a long time, while Chief Executive Hiroto Saikawa appeared as a driving force behind the investigation. Prior to his unexpected arrest in Tokyo on Monday, Ghosn was preparing to promote a full union of Nissan with French partner Renault SA, which he also chairs as CEO and chairman. This combination plan is faced by Saikawa's resistance, which Ghosn has in the past presented as his protégé.
The board was meeting Thursday to vote on Ghosn’s removal. Ghosn, who has been detained by Japanese authorities since Monday, will officially remain a director, since a shareholder vote is needed to remove him from the board completely.
“It’s a coup,” said Tatsuo Yoshida, an analyst at Sawakami Asset Management, who used to work at Nissan.
The dismissal follows investigations by Nissan and Japanese authorities on alleged financial suspicions by Ghosn's leader for a long time, while Chief Executive Hiroto Saikawa appeared as a driving force behind the investigation. Prior to his unexpected arrest in Tokyo on Monday, Ghosn was preparing to promote a full union of Nissan with French partner Renault SA, which he also chairs as CEO and chairman. This combination plan is faced by Saikawa's resistance, which Ghosn has in the past presented as his protégé.
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