The fall from grace (and power) of Carlos Ghosn is inevitable, it seems.

Last week, the de facto head and architect of the powerful Renault Nissan Mitsubishi Alliance was arrested following charges that he had allegedly under-declared his compensation, therefore evading taxes with the Japanese government. More than that, there were reports that Nissan, the initiator of the investigation into their now former Chairman, also found some other financial misdeeds such as Ghosn supposedly using company funds to purchase homes outside of Japan.

Now, following a board meeting wherein Nissan ousted their chairman, Mitsubishi has followed suit.

At a Board of Directors meeting, Mitsubishi Motors Corporation has removed Carlos Ghosn as their Representative Director and Chairman of the Board. Moreover, the MMC board cited that Ghosn had “lost the confidence” of the company's single largest stakeholder which was Nissan; the latter acquired a 34% stake in MMC.

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Until the next general shareholders meeting, Mitsubishi has voted to appoint their CEO, Osamu Masuko, as Chairman of the Board.

Despite the ousting, Carlos Ghosn is still a member of the board of MMC. He is still in the custody of Japanese authorities, according to reports.

Below is the full statement from Mitsubishi Motors Corporation:

The Board of Directors today resolved to discharge Mr. Carlos Ghosn as Representative Director and Chairman of the Board at MMC for the reasons that, while Mr. Ghosn took the position as Representative Director and Chairman of the Board based on the Strategic Alliance Agreement between MMC and Nissan, he has lost the confidence of Nissan; and that it is considered difficult for Mr. Ghosn to continue conducting his activities as the Representative Director and Chairman of the Board.

In the resulting absence of the Chairman of the Board, the Board of Directors also resolved to appoint Osamu Masuko, Representative Director and CEO, as Chairman of the Board temporarily until next General Shareholders Meetings.