Shareholders of Nissan voted to eliminate Carlos Ghosn from its board immediately after his fourth arrest final week, formally ousting the man who rescued and led the Japanese carmaker for the previous two decades. 

Monday’s extraordinary meeting of shareholders set the stage for Nissan to revamp its board with stronger governance safeguards to address a crisis that has shaved 7 per cent off its share value, eroded its brand and crippled its ties with its French companion Renault considering the fact that the former chairman’s November arrest.

Jean-Dominique Senard also won shareholder approval to join the Japanese group’s board as Renault’s new chairman seeks to restore trust inside the 3-way alliance with Nissan and Mitsubishi Motors.

Throughout the 3-hour meeting, shareholders vented their anger against Hiroto Saikawa, Nissan’s chief executive, and other executives for overlooking Mr Ghosn’s misconduct for practically a decade, with a single male investor calling for the company’s whole board to step down. 

“We are not saying that we have no duty. We take the situation pretty seriously,” Mr Saikawa mentioned as he supplied his apology. But he reiterated that he plans to concentrate on stabilising relations with Renault and rebuild the company’s governance structure. 

Mr Ghosn was earlier ousted as chairman following his initial arrest on November 19 on charges that he understated his spend in Nissan’s economic documents, but a shareholder vote was needed to strip his final title as director. 

In addition to his 3 preceding charges of economic misconduct, the most current arrest relates to allegations that Mr Ghosn devised a mechanism whereby a proportion of payments created by a Nissan subsidiary to an Omani dealer located their way into expenditure that straight benefited the former chairman and his family members.

Mr Ghosn mentioned he is innocent of “the groundless charges and accusations” against him, blaming an try by people by Nissan to silence him following his attempts to merge the Japanese carmaker with Renault. 

At the EGM, Nissan mentioned its internal investigation has located proof that its former boss employed corporate homes, corporate jets and enterprise money in the way that benefited himself and his family members. The enterprise has also mentioned its internal probe was unrelated to merger talks with Renault. 

Greg Kelly, who was charged with conspiring with Mr Ghosn to falsify his spend, was also removed from Nissan’s board. Mr Kelly has denied the charges.