Nissan Ousts Ghosn and Kelly; Renault's Senard New Chairman
Shareholders approved the measure after a three-hour extraordinary meeting in Tokyo
Japanese automaker Nissan has ousted from its board former chairman Carlos Ghosn and another executive, American Greg Kelly, who are facing charges of financial misconduct. Nissan shareholders approved the measure Monday after a three-hour extraordinary meeting at a Tokyo hotel. Both Ghosn and Kelly have denied the allegations against them. Ahead of the vote, Chief Executive Hiroto Saikawa and other Nissan Motor Company executives apologized and bowed deeply to shareholders attending the meeting. Shareholders also approved the appointment of French partner Renault SA's chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Ghosn was initially detained in November on suspicion of conspiring to understate his Nissan income by about 50 percent between 2010 and 2015. He was released on bail in early March and then re-arrested for a fourth time last week in connection with new allegations that a Nissan Motor Co. subsidiary diverted $5 million from an Oman dealership to a company effectively controlled by Ghosn. The current detention has been approved through April 14 but could be extended. No date has been set for Ghosn’s trial.