According to Reuters, Nissan’s board fired chairman and CEO Carlos Ghosn.
The ousting of Ghosn follows his arrest for allegations of financial misconduct while heading Nissan Motor Co.
Ghosn's contract was terminated by a unanimous vote of Nissan's board.
As CEO of Nissan, Ghosn organized a three-way alliance between French automaker Renault, and Japanese automakers Nissan and Mitsubishi.
Renault owns a 43-percent stake of Nissan, while Nissan holds a 34-percent stake of Mitsubishi Motors.