INSUBCONTINENT EXCLUSIVE:
Image copyrightGetty ImagesImage caption
Carlos Ghosn is head of the Alliance, which includes Nissan, Renault and
Mitsubishi
Japanese car giant Nissan has proposed removing chairman Carlos Ghosn from his post over financial misconduct
The firm said it had been conducting an internal investigation for several months which showed Mr Ghosn had been under-reporting his pay
package."Numerous other significant acts of misconduct" including "personal use of company assets", were also found.According to Japanese
media reports Mr Ghosn, a towering figure in the car industry, has been arrested in Tokyo.According to the same reports, which have not been
causing great concern to our shareholders and stakeholders," the company said.The firm said it had been providing information to the
Japanese Public Prosecutors Office and would continue to do so
Nissan said it also planned to oust senior executive Greg Kelly, who had been "deeply involved" in the misconduct
It said a report from a whistleblower had prompted its investigation.Analysis:by Theo Leggett, business correspondentImage copyrightGetty
ImagesCarlos Ghosn is a towering figure in the motor industry
He has been credited with turning around both Renault and Nissan, before going on to become the linchpin of the Renault-Nissan Alliance
That Franco-Japanese axis, which also now includes Mitsubishi, is one of the world's biggest carmakers.The question is what happens now
Mr Ghosn had already begun shedding some of his responsibilities - he stepped down as chief executive of Nissan last year, and recently
offloaded some day to day responsibilities at Renault as well
But he was expected to remain chief executive of Renault and to continue in overall charge of the Alliance for the next few years.Today's
announcements seem to undermine that strategy
It's not clear what Renault will now do
But plans for an orderly succession - and potentially the entire future of the rather unwieldy Renault-Nissan-Mitsubishi structure - may
well have been thrown wide open.Renault shares slumpAs well as being chairman of Nissan - whose car plant in Sunderland is the UK's largest
- Mr Ghosn is also chairman and chief executive of Renault and chairman of Mitsubishi Motors.In addition, he is chairman and chief executive
of the Renault-Nissan-Mitsubishi Motors strategic alliance
Shares in Renault fell sharply after the news, dropping almost 13%.Mr Ghosn has been a titan of the motor industry for nearly 20 years
He was responsible for a dramatic turnaround at Nissan in the early 2000s when the car firm was on the verge of bankruptcy
Dubbed the "cost-killer" in the 1990s for slashing jobs and closing factories, his reputation was cemented after his strategy succeeded.Mr
Ghosn began his career at Michelin in France, moving on to Renault
He joined Nissan in 1999 after Renault bought a controlling stake and became its chief executive in 2001
was narrowly approved by shareholders.Who is Carlos GhosnHis hero status was so big that his life was serialised in one of Japan's famous
cartoon comic booksThe Brazilian-born boss of Lebanese descent and a French citizen says his background left him with a feeling of being
different, which helped him adapt to new culturesIn France he was known as Le Cost Killer, a comment on the deep cuts he made to revive
RenaultHe was once tipped as a potential president of Lebanon, a move he eventually dismissed because he already had "too many jobs"In a
2011 poll of people the Japanese would like to run their country Mr Ghosn came seventh, in front of Barack Obama (ninth)
