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Nissan's Carlos Ghosn reportedly arrested, to be fired for financial misconduct

TOKYO — Nissan Motor Co said it was ousting Chairman Carlos Ghosn for alleged financial misconduct and Japanese media reported he been arrested, a shocking fate for a leader hailed for rescuing the company from close to bankruptcy. The Japanese automaker said Ghosn's alleged misconduct included personal use of company money and under-reporting how much he had been paid. Ghosn is also chairman and chief executive of Nissan's French partner Renault and one of the best-known figures in the global car industry, and his departure would raise question about the future of the alliance. Nissan said it launched an months-long investigation after a whistleblower tipped it off to wrongdoing by Ghosn and Representative Director Greg Kelly. "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," Nissan said in a statement. It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly. Neither Ghosn nor Kelly could be reached for comment. Renault shares tumbled 11 percent in Paris to be among the worst performing stocks in Europe. Nissan's German-listed securities plunged 10 percent. French President Emmanuel Macron said the government, the French carmaker's top shareholder, will be vigilant about Renault and its alliance with Nissan. Cost cutter Known as "Le Cost Killer," Ghosn is credited for reviving the Japanese automaker and has remained popular despite the massive job cuts that he brought and recent controversy over his lucrative pay package. Japanese media reported that Ghosn had reported around 10 billion yen worth of compensation as around 5 billion yen. Ousting Ghosn, 64, is bound to raise questions about an alliance that he personally shaped and had pledged to consolidate with a deeper tie-up, before eventually stepping back from its operational leadership. "The initial share price reaction shows how pivotal he is," Citi analyst Raghav Gupta-Chaudhary said on Monday. The current alliance structure has long undervalued Nissan shares held indirectly by Renault investors, he added. "Ghosn is viewed as critical for value unlock." Renault owns 43.4 percent of Nissan, while Nissan owns 15 percent of Renault, with no voting rights in a partnership that began in 1999.

Nissan's Carlos Ghosn offers to wear electronic ankle tag if released

TOKYO — Ousted Nissan Chairman Carlos Ghosn has offered to wear an electronic ankle tag and hire guards to monitor him in an unusual bid to secure his release on bail after two months of harsh detention in Japan for alleged financial crimes. Ghosn is also willing to remain in Tokyo, where he has leased an apartment, and post stock he owns in Nissan as collateral, his spokeswoman said. A new bail hearing is set for Monday after an earlier request was denied due partly to concerns the French executive was a flight risk. His release would allow Ghosn to meet more frequently with his lawyers and defend himself before the board of Renault, where he remains chairman and CEO, amid calls for his removal and potential moves to restructure the Nissan tie-up. Ghosn denies any wrongdoing as he awaits trial on charges of financial misconduct. "I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself," Ghosn said in a statement on Sunday. "I am not guilty of the charges against me, and I look forward to defending my reputation in the courtroom." Meanwhile, Ghosn's wife, Carole Ghosn, has written to French President Emmanuel Macron to discuss her husband's situation, her public relations representative said. The representative, Devon Spurgeon, confirmed a report in French paper Journal du Dimanche that a letter had been sent to Macron this month, but declined to provide details. France wants a full merger As Ghosn's arrest on Nov. 19 continued to cloud the outlook for Nissan's three-way alliance with France's Renault and Mitsubishi Motors, Nissan said it was not the time to discuss revising the partners' capital ties. Ghosn, who spearheaded Nissan's turnaround two decades ago, had pushed for a deeper tie-up between Nissan and Renault, including possibly a full merger by 2020, despite strong reservations at the Japanese firm. "We are not at the stage for such discussions," Nissan CEO Hiroto Saikawa told reporters on Monday. Saikawa said he had not heard directly about a reported proposal by the French government to integrate the Japanese carmaker's management with Renault. The Nikkei newspaper reported on Sunday that a French government delegation had informed Tokyo that it would seek an integration of Renault and Nissan, most likely under the umbrella of a single holding company. "Since I have not heard this directly, I cannot comment," Saikawa told reporters.

2013 Nissan Pathfinder: May 2013

Despite the snow-capped photos you see here, our long-term Pathfinder has been the subject of some proper pre-summer lovin' here in metro Detroit (we're working on a new gallery). Now that the warm weather has hit Michigan, many of our staffers have eagerly grabbed the keys to our big, brown Nissan for road trips all over the place. And the Pathfinder has indeed proven itself to be quite the worthy long-distance hauler, as editors John Neff and Seyth Miersma have already experienced.
This time around, a couple of our colleagues from AOL Autos put hundreds of miles on our trusty Nissan. And while everyone agrees that the Pathfinder is a solid vehicle for the task of road tripping, there are a couple of specific pros and cons that have been mentioned on several occasions.