Directors Carlos Ghosn, Greg Kelly Voted Out at Nissan

At the center of a conspiracy or just bad corporate governance combined with Nissan infighting?

Citing an internal investigation uncovering serious misconducts directed by him, Nissan resolved to remove Ghosn’s representative rights and position of Chairman on November 22, 2018. Now, shareholders have voted to discharge him from director of the Company at extraordinary general meeting held at the Grand Prince Hotel New Takanawa in Tokyo.

Hiroto Saikawa, President, among others, came under shareholder scrutiny for his protested innocence of having any knowledge of the scandal even though he was one of Ghosn’s “ right hand men…” (translated from the Japanese and following). Saikawa punted to Toshiyuki Shiga, a director whose relationship with Ghosn goes back to the original Renault bailout and revival plan of the bankrupt Nissan, said it took him time to digest what had happened. “It was hard to believe.. gradually heard the findings of the internal investigation.. I had to accept it as a fact… I was in a state of soul searching…”

Shiga, 65, was COO of the since 2005 and also served under Ghosn as vice chairman through 2017. He is not planning to not seek re-election when his term expires in June.

Ghosn, who protests his innocence, was in Japanese jail and unable to address:

• the misconduct of recording compensation amounts in the annual securities report that were less than actual, in order to reduce the amount of his compensation to be disclosed, over many years;
• the misconduct of expending Nissan’s investment capital for his personal use, under false pretenses;
• other misconduct, such as expending our company’s expenses for personal use.

 Director, Greg Kelly was also discharged:

• With respect to Greg Kelly, as a result of an internal investigation he has been determined to be the mastermind of this serious misconduct. Together with Carlos Ghosn, the Nissan resolved to remove his representative rights on November 22, 2018.

Mr. Jean-Dominique Senard, 66, was elected as Director as substitute for Carlos Ghosn. Senard is Chairman of the Board of Directors of Renault. There is a broad automotive business alliance, including capital participation, between the Nissan and Renault. He has held senior executive positions at Michelin since 2005.