Carlos Ghosn, chairman of Nissan, could be removed from his post over financial misconduct claims.
The Japanese manufacturer said it had been conducting an internal investigation for several months which showed Ghosn had been under-reporting his pay.
"Numerous other significant acts of misconduct" including "personal use of company assets", were also found.
Nissan apologised for causing “great concern” to its shareholders and stakeholders.
The firm said it had been providing information to the Japanese Public Prosecutors Office and would continue to do so.
Nissan said it also planned to oust a senior executive Greg Kelly who had been "deeply involved" in the misconduct, reports the BBC.
Ghosn is also chairman and chief executive of Renault and chairman of Mitsubishi Motors. In addition, he is chairman and chief executive of the Renault-Nissan-Mitsubishi Motors strategic alliance.
He was replaced as CEO of Nissan by Hiroto Saikawa in 2017.
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Gareth has more than 20 years’ experience as a journalist having started his career in local newspapers in the 1990s. Prior to joining Fleet News in 2008, he worked in the public sector as a media advisor and is currently news editor at Fleet News.
Paul Adey - 19/11/2018 12:09
A familiar story, someone gets ALL the top jobs in an organisation and thinks that they can do as they wish and because of the exalted position, they think they are 'fireproof'.