Carlos Ghosn Brazilian-born, of Lebanese descent and a French citizen, he is one of the few foreigners who was at such a senior position in a Japanese Company
After, decades of being one of the most powerful persons in the world of automobiles, has fallen from Grace. Fired by Nissan, yesterday for alleged finical irregularities.
The concentration of power in one individual,” as well as Ghosn’s “long reign” at the auto making conglomerate, affected operations and could have been factors in allowing the misconduct to take place according to the present Nissan CEO signed as CEO to become Chairman of the alliance.
Ghosn’s arrest complicates an interconnected set of relationships among the Japanese-French alliance Renault-Nissan-Mitsubishi.
In June this year Renault shareholders had approved Ghosn’s $8.5 million compensation for 2017. He also received the equivalent of more than $10 million in his final year as Nissan CEO.
The scandal also raised eyebrows in France, where the French government is a major shareholder in Renault. The Hindu reports that “Ghosn is familiar with pay scandals. Reuters reported in 2017 that Renault-Nissan bankers had drawn up plans to channel undisclosed bonuses to him and other managers.
Renault Nissan shares, using closing prices before the Ghosn news, were worth about three-quarters of the French group’s 18.6 billion euro market capitalization, which fell 11 percent to 16.8 billion euros on Monday.
So much for the massive cost cutting spree!!!
The concentration of power in one individual,” as well as Ghosn’s “long reign” at the auto making conglomerate, affected operations and could have been factors in allowing the misconduct to take place according to the present Nissan CEO.
Yet another story of greed, collusion stewed in the excesses of globalization. More could tumble out on this story in the days to follow.
We have become numbed to these stories , and don’t get shocked anymore , but what strikes me as a lesson worth learning is that somehow, things just get levelled out for everyone , king or pauper .