April 8, 2019 – Nissan Motor Co. dismissed former chairman Carlos Ghosn from its board of directors during an extraordinary shareholder meeting earlier today.
Nissan’s board dismissed Ghosn, 65, in November 2018 as chairman and representative director after he was arrested on suspicion of violating the Financial Instruments and Exchange Act by underreporting his income. However, his removal from the board needed approval at a shareholder meeting.
The Japanese automobile giant thus put an end to Ghosn’s two-decade leadership over the company and is poised to reform its management.
At the outset of the shareholder meeting at a hotel in Tokyo’s Minato Ward, Nissan President Hiroto Saikawa apologized over a series of incidents involving Ghosn. “I’m very sorry about causing concerns and trouble to you. I apologize deeply,” he said.
Some shareholders called into question the board’s responsibility over the scandal, but Saikawa avoided mentioning how he intends to take responsibility.
“I take it (your criticism) seriously. We’re still in the middle of building corporate governance. I’d like to decide how to carry myself after I’m prepared to hand over my duties to my successor,” he told the meeting.
The company also submitted to the shareholder meeting proposals to dismiss Greg Kelly, under indictment on charges of underreporting Ghosn’s remuneration by several billion yen, and to appoint Renault SA Chairman Jean-Dominique Senard to Nissan’s board. Nissan and Renault share a business alliance. The proposals were approved at the meeting.