Nissan shareholders have voted to remove Carlos Ghosn from the Japanese company’s board, The New York Times reports.
Ghosn was ousted as Nissan chairman in November 2018 when accusations were made that he had been underreporting his executive compensation. The Japanese automaker’s board was unable to remove him as director until a special meeting was held on Monday.
Speaking during the meeting, Nissan chief executive Hiroto Saikawa apologized for the organization’s issues and lay the blame directly at Ghosn.
“I have been asking myself over and over why the organization failed to stop the misconduct. The reasons, I believe, were the concentration of power in the hands of a single individual for a long time. The board and executive committee members are dedicating their efforts towards the present and future of Nissan. I would like to ask for your support,” Saikawa said.
Shareholders voted for new Renault chairman Jean-Dominique Senard to replace Ghosn and serve as the vice chairman on Nissan’s board.
In January, Saikawa announced that he would hand over the reigns in the coming months after he had reformed the governance behind the company. However, he recently had a change of heart and intends on serving as chief executive for at least three more years.
News of Carlos Ghosn being voted off Nisan’s board comes shortly after he was re-arrested late last week by Japanese prosecutors claiming that he used a company subsidiary to enrich himself approximately $5 million. Ghosn has denied all wrongdoing and his wife recently pleaded with the French government to help him.