After hours long meeting, Nissan board of directors voted anonymously to remove Charles Ghosn as chairman and representative director.
Ghosn is being accused of under-reporting $44.6 million in income from 2011 to 2015,according to Tokyo prosecutors.
Another Nissan executive, Greg Kelly, was arrested in Japan on suspicion of collaborating in the wrongdoing and also will be dismissed as a representative director, Nissan said.
Their replacements will be decided later.
The shareholders will decide if they will stay in the board of directors or not.
The maximum penalty for violating finance and exchange laws is 10 years in prison, a 10 million yen ($89,000) fine, or both.
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