Japan: Nissan Board Votes to Oust Arrested Chairman
1 MIN READNov 22, 2018 | 22:07 GMT
What Happened: Nissan's board has voted to remove Chairman Carlos Ghosn, who was arrested earlier this week for financial irregularities, after the Japanese company's French partner, Renault, abandoned a demand to postpone the vote, Reuters reported Nov. 22.
Why It Matters: Renault's decision to allow the vote to proceed helped defuse a standoff that could have hurt the partnership between the major Japanese and French carmakers and even created diplomatic problems between Tokyo and Paris.
Background: Ghosn, a Brazilian-French citizen, was arrested earlier this week in Japan on accusations that he under-reported his salary and misused company assets for personal use. The chairman had been exploring a deeper partnership between Nissan and Renault in spite of the former's opposition.