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Carlos Ghosn, the cost cutter who cost a lot in compensation

PARIS — In his 40 years in the auto industry, the praise Carlos Ghosn has won for turning around businesses has regularly been matched by criticism over the amount he has been paid to do it. In the latest furore over his finances, Japan's Nissan Motor Co said on Monday it planned to oust Ghosn as chairman after alleging he had made personal use of company assets, among other acts of suspected misconduct. The scandal comes just five months after the 64-year-old head of the Renault-Nissan alliance narrowly won a shareholder vote at Renault over his 7.4 million euro ($8.5 million) pay package for 2017, after losing a 2016 vote. Brazilian-born, of Lebanese descent and a French citizen, Ghosn began his career in 1978 at tire maker Michelin, before moving to Renault in 1996, where he oversaw a turnaround at the French automaker that won him the nickname "Le Cost Killer." After Renault sealed an alliance with Nissan in 1999, Ghosn used similar methods to revive the ailing Japanese brand, leading to "business superstar" status in Japan, blanket media coverage and even a manga comic book on his life. As auto markets in western Europe and Japan struggled, Ghosn championed a cheap car for the masses in emerging markets and embraced the electric vehicle before many others. He also never made it a secret that he believed there were too many carmakers in the world and consolidation would continue — in 2016 he added Japan's Mitsubishi Motors to the alliance. But in recent months, attention has increasingly turned to how the complex web of cross-shareholdings between the alliance partners might be simplified to ensure it can thrive following the eventual departure of its main architect. In March, sources close to the matter told Reuters the alliance partners were discussing plans for a closer tie-up in which Nissan would acquire the bulk of the French state's 15 percent stake in Renault. With Japan's Yomiuri newspaper reporting on Monday that Ghosn had been arrested by Tokyo prosecutors on suspicion of under-reporting his salary, the alliance's plans for the future just got more pressing.Writing by Mark PotterRelated Video: Earnings/Financials Plants/Manufacturing Nissan Renault

Carlos Ghosn in Twitter debut vows to 'tell the truth about what's happening'

TOKYO — Ousted Nissan boss Carlos Ghosn's sudden appearance on Twitter on Wednesday was a surprise move by the businessman that perplexed people and sent journalists scrambling, and not for the first time. The first tweet from the @carlosghosn account on the social network read, "I'm getting ready to tell the truth about what's happening. Press conference on Thursday, April 11." It did not specify a time or place. Featuring a photo of a smiling, grey-haired Ghosn standing in front of a tree with seasonal cherry blossoms, the account initially lacked the blue tick mark to show it had been verified by the social network. That left journalists unsure of its authenticity — particularly as the conditions of Ghosn's $9 million bail preclude him from using the internet. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Forty minutes later, when the blue tick appeared, the tweet swept across social media and the account's followers swelled to almost 20,000, from just a handful earlier. Some of the replies appeared sympathetic to Ghosn, with others carrying photos of his now-famous exit from a Tokyo detention center last month. "Stood right alongside you with #GiveGhosnBail. Looking forward to hearing your side," wrote one Twitter user with the name @highmileage. Ghosn had also caught media off guard when he disguised himself in a workman's uniform, cap and face mask to try and give waiting reporters the slip on leaving the detention center after his release on bail. The architect of the Nissan and Renault SA global alliance was then pursued by media as he rode away in a small work van, a Suzuki, topped with a ladder. Ghosn's dramatic fall from grace began with his arrest in November after getting off a private plane at Tokyo's Haneda Airport. He has since been charged with financial misconduct and aggravated breach of trust. On Wednesday, the Yomiuri newspaper said Tokyo prosecutors will soon decide whether to prosecute Ghosn on further charges. A further arrest could jeopardize the planned news conference. It remains unclear if Ghosn sent the tweet or it was sent on his behalf. His bail conditions allow him to access a computer at his lawyer's office but forbid him to use the internet. Government/Legal Mitsubishi Nissan Renault renault-nissan

Nissan union wants French to stop meddling with Renault alliance

Nissan is getting some unexpected reinforcements in its ongoing battle with the French government over its involvement in Renault. Its Japanese union, which has traditionally been a very hands-off entity, issued harsh criticism for the French government's attempts to assert control over its alliance partner. According to Bloomberg, this is the first time in 16 years that Nissan's union has weighed on the company's affairs, and it's stating its position on the matter in no uncertain terms. The union called France's attempt at scoring double voting rights within Renault "unacceptable and against the intended spirit of the Alliance." "We support the numerous attempts of Nissan to engage with the French government to find a balanced and constructive solution that will benefit and strengthen the Alliance," the union said in a statement obtained by Reuters. It's unclear what impact the union speaking out will have on the current power struggle between Renault-Nissan CEO Carlos Ghosn (shown above) and the French government, but we doubt it'll contribute to any quicker of a conclusion. Related Video: News Source: Reuters, BloombergImage Credit: Itsuo Inouye / AP Government/Legal Nissan Renault France renault-nissan alliance