NISSAN’S board will meet on Thursday to fire chairman Carlos Ghosn, who is reportedly under arrest in Japan over allegations of financial misconduct, the company’s chief executive officer said.

“I will call a board meeting to make a proposal to remove him from the position of chairmanship and approve it,” Hiroto Saikawa told Agence France Presse.

Saikawa said he had been informed that Ghosn and Nissan’s representative director Greg Kelly had been arrested.

“These two gentlemen are arrested this evening, that’s what I understand,” said Saikawa.

The Nissan CEO told journalists that Ghosn’s arrest and dismissal would not affect the Japanese carmaker’s relationship with Renault and Mitsubishi.

“The partnership among the three entities will not be affected by this event, rather we will closely work together with all the partners to contain any possible confusion,” Saikawa told AFP.

Saikawa also said too much power had been concentrated in one executive.

In a statement earlier on Monday, Nissan said it had begun investigating Ghosn and Kelly after receiving a whistleblower report and had uncovered misconduct going back several years.

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Bill Buys, probably Australia’s longest-serving motoring writer, has been at his craft for more than five decades. Athough motoring has always been in his DNA, he was also night crime reporter, foreign page editor and later chief reporter of the famed Rand Daily Mail. He’s twice been shot at, attacked by a rhinoceros and had several chilling experiences in aircraft. His experience includes stints in traffic law enforcement, motor racing and rallying and writing for a variety of local and international publications. He has covered countless events, ranging from world motor shows and Formula 1 Grands Prix to Targa tarmac and round-the-houses meetings. A motoring tragic, he has owned more than 90 cars. Somewhat of a nostalgic, he has a special interest in classic cars. He is the father of Targa star Robert Buys, who often adds his expertise to Bill’s reviews.