Nissan head of the Alliance boss Mr. Carlos Ghosn will be sucked on Thursday after a board meeting as confirmed by Nissan Chief Executive.
Mr. Carlos has been accused of serious misconduct and other serious allegations that the firm has not yet revealed. He is accused of understating his pay package and personal use of company assets.
For several months now Nissan has been forced to conduct an internal investigation following a whistle blower report on the boss.
Japanese firms have required disclosure of their executive salaries from the year 2010.
From the year 2011, Mr. Carlos is said to have under reported his income totaling to $44m over a five year period.
Nissan also plans to fire senior executive Greg Kelly for deeply being involved in the misconduct.
Nissan Carlos Ghosn Journey
Mr. Carlos Ghosn began his journey in France where he worked for Michelin before moving to Renault in 1999.
He is well known for turning around Renault and Nissan before rising to become the head of Renault-Nissan alliance. Mitsubishi is also included in the alliance and its one of the biggest car makers in the world.
The news of firing Mr. Carlos has already seen the shares of Renault falling sharply by 13%.
The news has forced France President Emmanuel Macron to come out and say that as a country they will work to preserve the stability of Renault as a brand.
With over 20 years in the industry, it’s not yet confirmed as to who will take over Mr. Ghosn’s duties at the company.