Nissan asking shareholders to vote to oust Ghosn as director:The Asahi Shimbun

Andrew Cummings
March 15, 2019

A senior Nissan human resources executive left the auto maker as part of a wider senior management shuffle, as the company revamps its leadership following the arrest of former chairman Carlos Ghosn in November.

The four-member board will comprise Senard, Nissan President and CEO Hiroto Saikawa, Mitsubishi Motors Chairman and CEO Osamu Masuko and Renault CEO Thierry Bollore, as stated by the four in their first joint press conference Tuesday.

As part of the deal agreed to in Tokyo, the "New Start" board will be chaired by Jean-Dominique Senard, chairman of Renault.

The removal of Ghosn, credited for rescuing Nissan from near-bankruptcy in 1999, had caused much uncertainty about the future of the alliance and some speculation the partnership could even unravel.

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.

Asked about Ghosn, Senard said: "I have two or three major principles in my life". He was released on a $9 million bail only last week.

"The proposed arrangement will have no impact on the existence of the (alliance agreement) and the cross-shareholding structure, which will both remain in place", Renault said. He will be kept under camera surveillance and will have limited access to computers.

Ghosn, who strenuously denies all charges against him, was said to be "disappointed" not to be able to attend the meeting.

The other charge relates to an alleged attempt to pass off personal investment losses onto Nissan's books and then paying from company funds a Saudi contact who had previously stumped up collateral for him.

Qoros also hired former Nissan managers to take up other management roles including operations and development.

Ghosn, who spent 108 days incarcerated at the Tokyo Detention House since his arrest in November, has resolutely maintained his innocence and on Monday requested to be allowed to attend Nissan's board meeting scheduled for Tuesday.

He was also replaced as chairman of Renault SA in the three-way alliance he created after he tendered his resignation while in detention in Tokyo.

Nissan has no voting rights as far as Renault is concerned.

Currently, Renault owns a 43.4 percent stake in Nissan, with Nissan in turn holding a 15 percent stake in its French partner.

Senard said he would not seek to be chairman of Nissan, but believed he was a "natural candidate" to be vice-chairman.

Other reports by iNewsToday