Nissan is struggling. The automaker announced July 24 that its first-quarter profits were down 98.5% from last year and that it will cut at least 12,500 jobs, The New York Times reported.
Carlos Ghosn’s rise as chairman of the Renault-Nissan-Mitsubishi Alliance took years. His fall? Quicker, and greater, than any other industry executive with his caliber.
For a long time, he was known as the man who was able to usher in a new era of profitability and relevance to the automakers he helmed. Yet, to Japanese persecutors, he hid his earnings from regulators for years and used company funds to further decorate his lavish lifestyle.
On November 19, 2018, Ghosn was arrested, and in April 2019, he was released from a Japanese prison on a $4.5 million bail, Business Insider previously reported.
Prosecutors in Japan have alleged that Ghosn earned a salary of about 10 billion yen, or $88.7 million, from 2011 to 2015 but reported only half of that. Ghosn, 64, could face up to 10 years in prison and a fine of up to 10 million yen if found to have committed any wrongdoing.
Keep reading to learn more about the rise and downfall of Carlos Ghosn.