Nissan's seven-member board has voted unanimously to fire chairman Carlos Ghosn following his arrest for financial misconduct. The Yomiuri Shimbun newspaper, quoting unnamed sources, said Nissan’s investigation had uncovered evidence that, starting in 2002, Ghosn instructed that about $100,000 a year be paid to his elder sister as remuneration for a non-existent “advisory role”. The company is also setting up a special committee to take third-party guidance on how to improve its management system and governance of directors’ pay. The sacking has sparked concern about Nissan's partnership with Renault, which retained Ghosn as CEO, and Mitsubishi Motors, where he's set to be removed as chairman. Nissan said it will appoint an independent panel led by former U.S. Treasury Secretary Hank Paulson Jr. to review the company's management.
Nissan's seven-member board has voted unanimously to fire chairman Carlos Ghosn following his arrest for financial misconduct. The company is also setting up a special committee to take third-party guidance on how to improve its management system and governance of directors’ pay. The sacking has sparked concern about Nissan's partnership with Renault, which retained Ghosn as CEO, and Mitsubishi Motors, where he's set to be removed as chairman. Nissan said it will appoint an independent panel led by former U.S. Treasury Secretary Hank Paulson Jr. to review the company's management.