According to Reuters, Carlos Ghosn has been ousted from Nissan following his surprise arrest.
Nissan's board voted unanimously to terminate Ghosn's contract as chairman and CEO, due to allegations of financial misconduct.
The automotive industry veteran has been heralded as a star executive, who forged a 19-year alliance between Nissan, Renault, and Mitsubishi.
Back in 1999, Nissan was nearly bankrupt, which led Renault to purchase a 37-percent stake in the company.