kazuhiro nogi/Agence France-Presse/Getty Images
shareholders voted to remove former Chairman Carlos Ghosn from the board at a three-hour extraordinary shareholders’ meeting, severing his final link to the company.
Shareholders also voted Monday to replace Mr. Ghosn with new
Chairman Jean-Dominique Senard. In addition, they voted to remove director Greg Kelly, who is accused by Nissan and Tokyo prosecutors of conspiring with Mr. Ghosn to inaccurately disclose Mr. Ghosn’s compensation. Mr. Kelly has said he is innocent.
How Nissan money ended up with Carlos Ghosn, according to prosecutors and Nissan’s internal investigation. Mr. Ghosn’s representatives say neither Mr. Ghosn nor his family benefited from Nissan payments.
Nissan distributor in Oman
and other countries
Sources: Japanese prosecutors; Nissan investigation
Mr. Ghosn, who has denied wrongdoing, was arrested for a fourth time Thursday, on suspicion that he diverted a portion of Nissan payments to a distributor in Oman for his personal use. The arrest ended a brief period in which he was out on bail of nearly $9 million.
Previously, Mr. Ghosn was charged with misstating deferred compensation on Nissan’s annual financial statements submitted to regulators and funneling Nissan money to the business of a Saudi friend who helped him with a personal financial problem.
Mr. Ghosn has said he had hypothetical discussions about future compensation but the amount wasn’t fixed and so didn’t have to be reported. He has said Nissan paid the Saudi company for “critical services that substantially benefited Nissan.”
Much of the meeting was devoted to questions from angry shareholders, with many demanding Nissan executives step down for failing to find alleged wrongdoing by Mr. Ghosn.
In response to a shareholder who accused Chief Executive Hiroto Saikawa of failing to take responsibility for any of the alleged wrongdoing, Mr. Saikawa said: “I never said we didn’t have responsibility. The problem built up over 20 years, and we cannot correct it overnight.”
- Carlos Ghosn to Stay Behind Bars for at Least 10 Days
- ‘It Was Scary as Hell’: The Rearrest of Carlos Ghosn Opens New Front in Inquiry
- Renault Board Says Probe Finds Questionable Expenses
- Nissan Probes Whether Ghosn Channeled Company Money for Personal Use
- Why Carlos Ghosn Fell: Plotters at Nissan Feared a French Takeover
Write to Sean McLain at email@example.com