Daily Management Review

Mitsubishi dismisses Carlos Ghosn


11/26/2018


The board of directors of the Japanese automaker Mitsubishi Motors Corp dismissed Carlos Ghosn from the post of chairman after his arrest and accusations of financial irregularities, according to Reuters.



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Osamu Masuko, CEO of the company, will become interim chairman of the board of directors.

The Renault-Nissan Alliance, expanded in 2016 with the inclusion of the Japanese Mitsubishi Motors, was shocked by Ghosn 's arrest in Japan last week. 64-year-old Ghosn was accused of financial irregularities.

Ghosn formed an alliance and insisted on strengthening ties between the companies, including the potentially complete merger of Renault and Nissan. This plan encountered resistance in the Japanese company.

On Thursday, the board of directors of Nissan Motor Co Ltd unanimously voted for resignation of Carlos Gon from the post of chairman after the charges of underestimating the amount of his remuneration and using the company's money for personal purposes.

Ghosn denies the charges, NHK Japanese television reported on Sunday.

Renault refrained from dismissing Ghosn from his post as chairman of the board of directors and general director.

The events are unfolding against the background of dissatisfaction with the role of the French Renault in the alliance of automakers. Nissan's revenue is about 60% higher than Renault sales, but the Japanese company remains the junior partner in the shareholder structure. Renault holds a 43% stake in Nissan, while Nissan holds 15% of non-voting shares in a French company.

The executives will meet this week in Amsterdam to protect their joint operations from the effects of Ghosn’s arrest.

Hiroto Saikawa, general manager of Nissan, told staff on Monday that Ghosn had too much power in his hands and that, in the future, better communication between board members and alliance leaders would help maintain independence and create synergies between automakers, a Nissan spokesman said.

Nissan owns 34% of Mitsubishi Motors.

Mitsubishi Motors shares rose 3.3% to close the auction before the announcement of the decision of the board of directors. Paper Nissan rose 1.8%.

source: bloomberg.com






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