Matt Kimberley profile picture Matt Kimberley 9 months ago 10
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Nissan’s Disgraced Former Boss Has Also Been Dropped By Mitsubishi

After accusations emerged putting Carlos Ghosn at the centre of a scandal centred around under-reported salaries, Mitsubishi has removed him from office

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Mitsubishi - Nissan’s Disgraced Former Boss Has Also Been Dropped By Mitsubishi - News

Mitsubishi has removed Carlos Ghosn as its chairman in the wake of allegations that he under-reported his income from Nissan to gain a financial advantage.

Ghosn has been a senior figure at what is now the Renault-Nissan-Mitsubishi Alliance since 1999, but was recently removed from office by Nissan after it became clear that Brazilian-born Ghosn had under-reported his Nissan income to the Japanese authorities by the equivalent of £34 million.

Mitsubishi - Nissan’s Disgraced Former Boss Has Also Been Dropped By Mitsubishi - News

Mitsubishi CEO Osamu Masuko, who is taking over as chairman until a replacement for Ghosn can be found, said:

“I was shocked. I just couldn’t believe it. I still don’t understand why.”

Mitsubishi - Nissan’s Disgraced Former Boss Has Also Been Dropped By Mitsubishi - News

Having lost his positions at Nissan and now Mitsubishi, Ghosn’s credibility at Renault is hanging by a thread. The French brand will be incredibly reluctant to punish him, though; Ghosn is credited with almost single-handedly rescuing it from the threat of financial collapse in the late 1990s. To a large extent, Ghosn is Renault.

However, he performed an even more remarkable turnaround for Nissan. At the time of his joining the company’s board it had a $20 billion debt and only three of its 46 Japanese-market cars were actually making a profit.

Source: Motor1