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Renault is investigating Carlos Ghosn’s lavish Marie Antoinette-themed wedding at Palace of Versailles
TheWorldNewsOrg posted a topic in Post a Topicvia .ORGWorld News
Nissan chairman Carlos Ghosn was arrested Monday after an internal investigation found he had allegedly been underreporting his income "over many years." He'll be booted from the board before the week's out. Nissan said "numerous other significant acts of misconduct have been uncovered, such as personal use of company assets." It also identified another board director, Greg Kelly, in the misconduct. Ghosn joined Nissan's team in 1999 and is considered the main architect of a global alliance between Nissan (-5.85%), Mitsubishi, and Renault (-8.43%). Let's untangle this (now's the time to grab your pen and paper)... Renault, a French automaker, owns 43.4% of Nissan. And Nissan owns 15% of Renault. Mitsubishi joined the party when Nissan took a 34% stake in 2016. Ghosn is also the CEO and chairman of Renault and the chairman of Mitsubishi. And while it spans countries, time zones, and cultures, the alliance has been successful. Together, these companies sold 10.6 million cars in 2017, and as a single entity they'd be considered the world’s largest automaker, per the NYT. Ghosn was a superstar: He earned the nickname "Le Cost Killer" in France after turning around Renault. And when he was credited with saving Nissan in Japan, he even became the subject of a comic book. Well, Ghosn's compensation had recently become a hot topic. He barely won shareholder support for his $8.5 million pay package from Renault in 2017. And in 2010, he became Japan's highest-paid executive. In total, he brought home about $17 million last year from the three alliance members, per Bloomberg. Ghosn's downfall is sure to put Nissan's governance under the microscope. And with Ghosn out of the picture, experts are questioning the alliance's future.