Tokyo — Mitsubishi executives ousted Carlos Ghosn as chair on Monday following his shock arrest for alleged financial misconduct, capping a stunning fall from grace for the tycoon credited with saving the scandal-hit Japanese firm. The move follows Ghosn's sacking as chair of Nissan as he faces questioning in a Tokyo detention centre over claims he under-reported his salary to the tune of $44m over several years. "During today's board meeting, it was decided that he is dismissed as chairman," the firm said in a statement following a gathering that lasted just over an hour. The Brazil-born Frenchman rode to Mitsubishi's rescue in 2016 when the firm was battered by a fuel-efficiency cheating scandal, tying it to his Nissan-Renault alliance and turning its fortunes around. Together, the three-way alliance is the world's top-selling car company, with about 10.6-million vehicles rolling off the production line. It employs around 450,000 people worldwide. But the future of the tie-up is n...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.