Renault, Nissan, Mitsubishi new joint board, Business

Sepehri attends a news conference in Paris France on Oct. 6 2017. Charles Platiau  Reuters

The shuffling of key executives underscores the unwinding of a power structure built up during nearly two decades by Ghosn, who is accused of falsifying financial records and breach of trust by Japanese prosecutors.

Released on $9 million bail last week after spending more than 100 days in a Tokyo detention centre, Ghosn faces charges of under-reporting his salary at Nissan by about $82 million over almost a decade.

Renault has sidelined a senior executive close to Carlos Ghosn, as the French vehicle maker and its Japanese affiliate Nissan continue to overhaul management in the wake of the financial scandal engulfing their former chairman.

Nissan set up the governing body to discuss steps to strengthen its governance after Ghosn was removed from the chairman post following his arrest on November 19 for alleged financial misconduct.

Sepehri's move, first reported by Bloomberg, ends her oversight of corporate governance, communications, legal and public affairs at Renault, as well as her influential role as secretary to the board.

The notice, signed by Nissan President Hiroto Saikawa, will be sent out Thursday, Nissan said.

Nissan also said Arun Bajaj, who served as alliance human resources chief, will exit the company.

Ghosn has accused Nissan executives of having plotted against him for his plan to strengthen relations with Renault, the Japanese automaker. In Japan, preparations can take months.

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Ghosn was released on a $9 million bail only last week after more than 100 days in detention.

French prosecutors have opened a preliminary inquiry into how former Renault (PA:) chief Carlos Ghosn financed his 2016 wedding, the Figaro newspaper and Agence France-Presse said on Monday. He has been let out on bail under conditions that he should remain in Japan and should not destroy evidence.

It is unclear whether he will try to attend next month's shareholders' meeting.

His request and subsequent appeal were both rejected by the Tokyo District Court as part of his bail agreement prohibits him from contacting with Nissan executives or others potentially involved in the case against him.

This is a "new start" for the alliance, insisted the Frenchman.

After his arrest, Ghosn was dismissed as chairman of Nissan and Mitsubishi Motors Corp.

Currently, Renault owns a 43.4 percent stake in Nissan, with Nissan in turn holding a 15 percent stake in its French partner.

Ghosn faces three charges of financial misconduct.

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