Ghosn Ousted From Nissan Board By Shareholders

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CTV News is reporting that Carlos Ghosn has been removed from the Nissan’s board by the automaker’s shareholders.

According to the report, some 4,000 shareholders met for a three-hour meeting where they gave their approval for dismissing Ghosn. At the same meeting, the shareholders approved the appointment of French alliance partner Renault SA’s Chairman Jean-Dominique Senard to replace Ghosn.

“I will dedicate my energy to enhance the future of Nissan,” said Senard when he was introduced to the shareholders.

Ghosn was farrested in November for allegedly underreporting his compensation and for breach of trust. While he was initially released on bail in early March, he was now been re-arrested. The new allegations against him involve $5 million from a Nissan Motor Co. subsidiary meant for an Oman dealership had diverted to a company effectively controlled by Ghosn.

Ghosn says he is innocent, and has suggested that the accusations were made by some at Nissan looking to remove him from power.