Nissan shareholders vote to remove Carlos Ghosn from company board

Shareholders at Nissan voted on Monday at an extraordinary meeting to remove former chief Carlos Ghosn from the company's board as he battles multiple charges of financial misconduct.

The shareholders meeting also voted to remove Ghosn's former right-hand man Greg Kelly, who also faces charges, from the board, and to appoint Renault chairman Jean-Dominique Senard as director.

The shareholders' meeting at a Tokyo hotel was the firstgathering since the stunning arrest of the 65-year-old auto sector titan on November 19 last year.

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Nissan CEO Hiroto Saikawa opened the meeting with a speech outlining the allegations against his former mentor, accusing him of misusing funds and seeking to conceal his compensation.

He and other executives bowed deeply before the thousands of shareholders at the meeting as it opened.

"We have to admit that there was a significant problem with our corporate governance," he said, adding that he had been "extremely shocked when I learned of the misconduct."

Ghosn faces three separate charges. The first two relate to the alleged deferring of around $80 million in income and concealing this in official documents to shareholders.

The third, more complex, charge is that he attempted to transfer personal losses to Nissan and paid a Saudi contact who provided collateral from company funds.

Last week, prosecutors rearrested Ghosn, who was out on bail, over an additional allegation that he transferred Nissan money to a dealership in Oman but siphoned off millions for his own personal expenses -- including the purchase of a luxury yacht.

Prosecutors believe Ghosn moved Nissan funds totalling $15 million between late 2015 and the middle of 2018 and used $5 million of that for his own ends.