Ghosn Loses Seat in Mitsubishi Motors Board of Directors

Economy

Tokyo, June 21 (Jiji Press)--Former Mitsubishi Motors Corp. <7211> Chairman Carlos Ghosn lost his seat in the automaker's board of directors following a vote at a general shareholders meeting in Tokyo on Friday.

It was his last remaining board seat in the three-way alliance among Mitsubishi Motors, Nissan Motor Co. <7201> and France's Renault SA.

At the meeting, shareholders endorsed all 15 board members nominated by Mitsubishi Motors, not including Ghosn. Among the 15 were new Chief Executive Officer Takao Kato and Kenichiro Sasae, former Japanese ambassador to the United States.

The meeting also approved a proposal to switch to a "company with committees" system in which outside board directors have greater oversight powers, in order to improve its corporate governance.

Mitsubishi Motors will set up nomination, compensation and audit committees. Outside board directors account for a majority at each committee.

[Copyright The Jiji Press, Ltd.]

Jiji Press