Nissan Motor Co. said Monday it plans to remove its chairman, Carlos Ghosn, after an internal investigation found he underreported his income.
The Japanese carmaker said in a news release that the company had conducted an internal investigation over the last several months, prompted by a whistleblower report. The ensuing investigation found that Ghosn misreported his income to make it appear lower, it added.
The investigation also found "numerous other significant acts of misconduct," including personal use of company assets, Nissan said.
The company said it has cooperated with the Japanese Public Prosecutor's office, and that CEO Hiroto Saikawa will propose removing Ghosn immediately.
The Associated Press reported that shares plunged for European carmaker Renault, which is part of a corporate alliance with Nissan and Mitsubishi. Ghosn is the CEO of Renault.
Nissan earlier this year admitted some of their manufacturers had deliberately altered data on exhaust emissions and fuel economy. The scandal did not affect vehicle safety, it said.