Nissan asking shareholders to vote to oust Ghosn as director

Nissan, Renault and Mitsubishi pledge new start

The start includes leaving Renault's chairman, in this case, Senard, in charge of the alliance, but not chairman of Nissan.

Former Renault-Nissan-Mitsubishi Chairman Carlos Ghosn may be free from jail, the leaders of the three-headed monster don't want him free to exercise any more influence over the company in his role on the board of directors.

Ghosn says he is innocent because the compensation was never decided or paid, Nissan never suffered the losses, and the payments were for legitimate services.

Nissan has not yet named a new chairman to replace Ghosn. He has indicated that he is prepared to fight to prove his innocence in court.

The notice from Nissan says its investigation also found Ghosn used company money for personal expenses.

A court rejected Ghosn's request to attend a Nissan board meeting that was held Tuesday.

The notice did not give specifics, but sources familiar with the investigation have pointed to fancy homes in Lebanon and Brazil, as well as expensive furnishings such as a chandelier.

At a press conference at Nissan's headquarters in Yokohama, the three automakers said a four-member board will be at the helm of overseeing the newly-structured alliance, to be chaired by Renault chief Jean-Dominique Senard. In Japan, preparations can take months.

The new body will purportedly allow the alliance to cooperate more efficiently, effectively and on a consensual basis, Senard said, adding that the shift in leadership structure would allow the alliance to better respond to changes in the automotive industry, such as the growing popularity of electric vehicles.

It was a lengthy legal battle after which Ghosn will be released on Wednesday for a bail amount of 1 billion Yens, which amounts to around $9 million.

It is unclear whether he will try to attend next month's shareholders meeting.

Conditions for his bail restrict his activities to prevent him from any tampering with evidence. Europe chief Jean-Christophe Kugler is also departing.

Nissan has said that Ghosn wielded too much power, creating a lack of oversight and corporate governance.

Former Alliance Chairman Carlos Ghosn was barred from attending the board meeting by a Tokyo judge. This has always been an issue for Nissan executives, who believe the larger Japanese automaker shouldn't be controlled by the small European brand. It was not clear who would become Nissan's chairman, vacant since Ghosn was arrested in Japan in November.

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