The board of Japanese auto giant Nissan has voted to remove Carlos Ghosn from the role of Chairman and Representative Director.
Nissan said on its website Monday that it will now form an advisory committee to propose nominations from the board of directors for Ghosn's replacement. A separate committee to review Nissan's governance and executive pay is also to be created.
The car company said the Nissan board "confirmed that the long-standing Alliance partnership with Renault remains unchanged and that the mission is to minimize the potential impact and confusion on the day-to-day cooperation among the Alliance partners."
In an explosive press conference Monday, Saikawa said that "over many years" Ghosn and Representative Director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report.
Nissan added that, in regards to Ghosn, "numerous other significant acts of misconduct have been uncovered, such as personal use of company assets." The company said Ghosn had also made inappropriate investments.
Shares in auto firm Renault, where Ghosn remains as chairman and chief executive, have fallen 0.3 percent.
Within Nissan there are six full Board Members and three Representative Board members. The company also has four auditors. Executives at the French firm Renault (which Ghosn also chairs) reportedly also dialed into the Nissan board meeting.
The Tokyo Prosecutors Office has declined to comment on whether Ghosn has admitted to the claims, but said the Renault chairman is being held in a Tokyo detention center.
Nissan said Monday that a whistle-blower had passed information over Ghosn and Kelly to Nissan's auditors who then began a wider investigation. The evidence was then passed to Japan's public prosecutor.
The prosecutor said Ghosn and Kelly had conspired to understate Ghosn pay packet at Nissan from 2010 to 2015, adding that the two men had recorded only half the actual 10 billion yen ($88.5 million).