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Carlos Ghosn sues Nissan-Mitsubishi in the Netherlands

AMSTERDAM — Carlos Ghosn has launched a court case in the Netherlands against Japanese carmakers Nissan Motor and Mitsubishi Motors, who ousted him as chairman of their alliance last year on charges of embezzlement, Dutch newspaper NRC reported on Saturday. Ghosn is seeking 15 million euros ($16.8 million) in damages from the carmakers, as grave mistakes were made when he was sacked, NRC reported, citing his lawyer. "In the Netherlands, if you want to fire an executive you have to first tell him what he's being accused of, and you have to provide him with the evidence for the accusations. Neither of those things has happened," lawyer Laurens de Graaf told NRC. Ghosn fell from grace late last year when he was arrested in Japan and sacked by Nissan on charges of financial misconduct, which he denies. He has also been fired as the CEO and chairman of French carmaker Renault. Ghosn was freed in April from jail in Japan on a $4.5 million bail. Among other charges of fraud and misconduct, Nissan and Mitsubishi have said Ghosn improperly received $9 million in compensation from their joint venture. Suspect expenses Ghosn made when he chaired Renault and Nissan amounted to about 11 million euros, Renault's board said in June. Ghosn holds French, Lebanese and Brazilian citizenship, but opted for the fiscally more friendly Netherlands as his tax domicile in 2012. The holding company for the Nissan-Mitsubishi alliance is also incorporated in the Netherlands. The district court in Amsterdam is reviewing the case but has not set a trial date yet, NRC said. Government/Legal Hirings/Firings/Layoffs Mitsubishi Nissan Carlos Ghosn

Mitsubishi Motors Chairman Masuko resigns due to health reasons

Osamu Masuko (Getty Images)   TOKYO — Mitsubishi Motors said on Friday Osamu Masuko resigned as chairman due to health reasons and has handed over the role to CEO Takao Kato on a temporary basis. A veteran of the larger Mitsubishi conglomerate, Masuko joined the automaker in 2004 and became president in 2007. He oversaw the creation of the partnership between Mitsubishi and Nissan in 2016, which saw Nissan take a controlling stake in the company. The 71-year-old will stay on at Mitsubishi as a special adviser, the company said in a statement. It did not specify what Masuko was ailing from. Masuko was at the helm of Mitsubishi during a 2016 scandal in which the automaker was found to have overstated the fuel economy on its vehicles. An investigation uncovered slack governance and pressure on resourced-starved engineers as chronic issues at the company. CEO Takao Kato adds the role of chairman. (Getty Images)   The scandal was Mitsubishi's third in two decades, and it pummeled profits and tarnished the automaker' s brand. At the height of the scandal, Nissan lent its smaller rival a lifeline by offering the company $2.2 billion for a 34% controlling stake. The deal was agreed between Masuko and then Nissan CEO Carlos Ghosn, and brought Mitsubishi in as a junior partner in the Nissan-Renault automaking alliance. Masuko later denounced his ties with Ghosn following Ghosn's 2018 arrest in Japan over financial misconduct, charges that Ghosn has denied. All three members of the alliance are currently mired in financial problems after years of aggressive expansion policies under Ghosn's leadership resulted in falling vehicle sales. A further drop in global car demand due to the coronavirus pandemic has exacerbated these problems, and Mitsubishi, Nissan and Renault are each bracing for steep annual operating losses this year. Related Video:      

Carlos Ghosn to step down as Nissan CEO on April 1

Carlos Ghosn announced he will be stepping down as CEO of the Nissan on April 1, to be replaced by current Nissan co-CEO Hiroto Saikawa. The move comes after close to two decades of leadership and the rebuilding of a company that was close to disaster. Ghosn isn't finished with the company he helped rebuild, as he will remain on as chairman of the board and continue on as leader of the Renault-Nissan Alliance following the change of guard. In addition to running Renault-Nissan, Ghosn has taken over as chairman of Mitsubishi Motors after acquiring a 34-percent stake in 2016, a move he spearheaded. Ghosn stated, "I am confident that the management team I have developed at Nissan over the past 18 years has the talent and experience to meet the company's operational and strategic goals. Having recently taken on new responsibilities at Mitsubishi Motors, and taking into consideration the upcoming Nissan general shareholders meeting, I have decided that the time is right for Hiroto Saikawa to succeed me as Nissan's CEO." A release from Renault-Nissan said the move allows Ghosn to focus more attention on bringing together the three companies. Saikawa, his replacement, has been with Nissan since 1977 and has overseen operations in the company's markets worldwide. Related Video: Image Credit: Reuters Hirings/Firings/Layoffs Mitsubishi Nissan Renault ceo nissan renault