Business

Mitsubishi Motors ousts Carlos Ghosn as chairman, follows Nissan’s footsteps

Mitsubishi Motors Corp said on Monday its board removed Carlos Ghosn from his role as chairman, following his arrest and ouster from alliance partner Nissan Motor Co last week for alleged financial misconduct. Ghosn’s ouster marks the end of his chairmanship of Japanese automakers, just two years after he was praised for bringing a steadying hand to Mitsubishi Motors following a cheating scandal in 2016. CEO Osamu Masuko will become temporary chairman, the automaker said.

The alliance vies with Volkswagen AG and Toyota Motor Corp for the ranking of the world’s biggest automaker.

Even as Nissan has recovered and grown rapidly, it remains a junior partner in the shareholding structure. Renault owns 43 per cent of Nissan and the Japanese automaker holds a 15 per cent non-voting stake in the French firm. And Nissan is almost 60 per cent bigger than Renault by sales.

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