Photo/IllutrationThe Mitsubishi Motors Corp. headquarters in Tokyo's Minato Ward where an extraordinary board meeting decided Nov. 26 to dismiss Carlos Ghosn as chairman (Ryo Ikeda)

Mitsubishi Motors Corp. decided Nov. 26 to strip Carlos Ghosn of his titles as chairman and representative director over allegations of financial impropriety at Nissan Motor Co.

The current chief executive officer, Osamu Masuko, will concurrently serve as chairman on a tentative basis until the next shareholders' meeting.

The decision was made at an extraordinary board meeting following Ghosn's earlier arrest on suspicion of under-reporting his remuneration by billions of yen.

Nissan dismissed the Brazilian-born Ghosn as chairman and a representative director at an extraordinary board meeting on Nov. 22, three days after he and Greg Kelly, a Nissan representative director, were arrested in Tokyo.

The pair are alleged to have conspired to understate Ghosn’s executive compensation over a five-year period in violation of the Financial Instruments and Exchange Law.

Ghosn, 64, forged the alliance of Renault SA, Nissan and MMC and served as chairman of the three automakers.

Renault did not dismiss Ghosn as chairman and CEO at a Nov. 20 board meeting and instead appointed Thierry Bollore, the chief operating officer, as acting chairman and CEO to assume Ghosn’s day-to-day responsibilities.

Ghosn became MMC chairman in December 2016 after spearheading Nissan’s tie-up with MMC through a 34-percent controlling stake of the company.

MMC in those days was embroiled in a scandal over falsified data on fuel economy of its vehicles.