Renault Strips Ghosn Loyalist of Executive Role

Renault Strips Ghosn Loyalist of Executive Role

Nissan has tasked an external committee with helping to improve corporate governance after the arrest and ouster of Ghosn, who faces charges of financial misconduct including understating his compensation by about ¥9 billion over almost a decade.

The leaders of Renault, Nissan and Mitsubishi celebrate the reconfiguration of the Alliance's board of directors.

"In response to latest press reports, Renault confirms that it is in discussions with its Alliance partners Nissan Motor and Mitsubishi Motor regarding the establishment of a new Alliance body in order to enhance and ensure further collaboration", Renault stated.

Under the terms of his bail - which include giving up his three passports and having no smartphone access to the internet - he needed the court's approval to attend.

Nissan, Renault and Mitsubishi plan to set up a joint board meeting structure under which Renault's new chairman, Jean-Dominique Senard, is likely to take the chair, people with direct knowledge of the matter told Reuters.

The notice will be sent out Thursday, Nissan Motor Co. said Wednesday.

The notice from Nissan says its investigation also found Ghosn used company money for personal expenses.

Nissan is part of an alliance with Renault SA of France, and more recently with Japan's Mitsubishi Motors, that was largely cobbled together by Ghosn, who led Nissan for two decades.

More news: Texas Democrat Beto O’Rourke announces 2020 presidential run
More news: Massive Solar Storm Hit The Earth More Than Two Millennia Ago
More news: India's oil imports from Iran slump 60 pct in Feb y/y

The notice did not give specifics, but sources familiar with the investigation have pointed to fancy homes in Lebanon and Brazil, as well as expensive furnishings such as a chandelier.

He was granted bail last week at the third time of asking, with bail set at 1 billion yen (9 million US dollars) and released under the provisos that he will not leave Japan and remain under limited video surveillance at the entrance to his residence. Nissan said Ghosn wielded too much power, creating a lack of oversight and corporate governance.

Conditions for his bail restrict his activities to prevent him from any tampering with evidence.

The automaker has said it intends to appoint a new chairman based on proposals by the committee.

It is unclear who will become Nissan chairman.

Nissan holds a 15% non-voting stake in Renault, whose biggest shareholder is the French government.

Ghosn's dramatic arrest in November has caused concerns about the future of the three-way alliance, the world's largest maker of automobiles excluding heavy trucks.

Related Articles

  • Sen. Cory Booker, Rosario Dawson are officially dating

    But on Thursday, when asked if Booker would make a great president, she answered, "I think so - he's an awesome human being". She was also asked whether she was looking to get engaged to Booker, to which Dawson replied she has "no idea".
    LeBron James inspires the Lakers

    LeBron James inspires the Lakers

    NEW ORLEANS - Giannis Antetokounmpo scored 24 points and Milwaukee used a 45-point third quarter to pull away from New Orleans. IN snapped its two-game losing streak and remained tied with Philadelphia for the No. 3 spot in the Eastern Conference.
    Ocasio-Cortez Tries To Grill Wells Fargo's CEO. He Destroys Her.

    Ocasio-Cortez Tries To Grill Wells Fargo's CEO. He Destroys Her.

    A Wells Fargo spokesperson told Yahoo Finance Sloan doesn't feel additional pressure being the first CEO in the witness chair. Since then, Wells Fargo has struggled to fix its image as it's disclosed harming customers in other areas of the company.
  • India Targets Saudi Investment In Strategic Oil Storage

    India Targets Saudi Investment In Strategic Oil Storage

    Further trend depends upon the violation of a sideways channel which is support oil around $55 along with resistance around $58. West Texas Intermediate for April delivery climbed 47 cents to $57.26/bbl at 12:01 p.m. on the New York Mercantile Exchange.
    Trump slams handling of Brexit by UK's May

    Trump slams handling of Brexit by UK's May

    Varadkar was returning to the White House for an evening reception and the presentation of a bowl of shamrocks to Trump. Mr Trump was asked by reporters if he was still a Brexit supporter. "One way or the other it's going to work out".
    Steam Link Anywhere beta drops Steam Link's local-wifi-only restriction

    Steam Link Anywhere beta drops Steam Link's local-wifi-only restriction

    What Valve is doing with Steam Link Anywhere mirrors a lot of what's happening elsewhere in the industry. The new feature gives users the ability to stream their entire Steam game library anywhere .
  • Celebrity friends console Louis Tomlinson after sister dies aged 18

    Celebrity friends console Louis Tomlinson after sister dies aged 18

    Watford boyband Rak-Su, who won the fourteenth series of the X Factor before Tomlinson debuted as a judge, sent their sympathies. She had over one million followers on her Instagram account and was considered a social media influencer.
    Arsenal's 2-goal Aubameyang explains mask mystery

    Arsenal's 2-goal Aubameyang explains mask mystery

    Although they have no more top-six teams to face in the Premier League this season, they play more away than home fixtures. The goals helped Arsenal battle back from a 3-1 first-leg deficit.
    Flood warnings as cyclone Idai hits Zim

    Flood warnings as cyclone Idai hits Zim

    There are 111 people with injuries, 18 hospitals destroyed, 938 classrooms destroyed and 9,763 students affected. Almost 85,000 hectares of crops have been flooded, affecting more than 57,800 smallholder farmers.
  • Scotland's school pupils in second mass climate strike

    Scotland's school pupils in second mass climate strike

    Young Swedish activist Greta Thunberg , a prominent voice in the fight against climate change , has been nominated for the Nobel Peace Prize this year.
    Whoopi Goldberg's Surprise Visit After Health Scare Brings Tears On 'The View'

    Whoopi Goldberg's Surprise Visit After Health Scare Brings Tears On 'The View'

    Whoopi stressed how close she was to dying, saying, "There's death and here's me. Goldberg, who is still recovering, says she spent three weeks in the hospital.
    Wilder meets with DAZN

    Wilder meets with DAZN

    Wilder-Breazeale has been penciled in for May 18 at Barclays Center in Brooklyn, New York, on Showtime PPV. But I think there's an opportunity there for someone to be a mediator to get the fight done.