Nissan president and Renault CEO Carlos Ghosn has been removed from his position as chairman of the board at Nissan, after being arrested for under-reporting his income by more than $43 million over the past five years.

Nissan also accused Ghosn of numerous acts of "misconduct" such as abusing company assets for personal use, including the reported redirection $1.5 million to remodel a privately-owned home, according to NBC News. The automaker's board stated Monday that it would seek to remove Ghosn from his position as chairman, and in a meeting Thursday, the board followed through on its removal of the executive.

The Nissan board's representative director Greg Kelly was also removed on Thursday, as he was implicated and arrested with Ghosn. Nissan has created two separate committees as a reaction to the pair's removal, one to evaluate executive compensation at the company, and the other to identify potential replacements. One candidate for Ghosn's successor is believed to be Nissan CEO Hiroto Saikawa.

For the time being, Ghosn remains the chairman and CEO of Renault, another member of the Renault-Nissan-Mitsubishi Alliance.

http://www.thedrive.com/news/25084/nissans-carlos-ghosn-officially-removed-from-chairman-role-after-mondays-arrest