Automobile manufacturing powerhouses Renault, Nissan, and Mitsubishi announced they were dissolving the powerful chairman position formerly occupied by disgraced Carlos Ghosn to instead form a joint board to usher in a 'new start' for the trio alliance. The remarks came in a joint presser in Nissan's headquarters in Yokohama on Tuesday.

"This new board will be the sole body governing the operations and the governance of the alliance," said CEO of Renault Jean Dominique Senard who said he would act as chair of the joint board consisting of Renault CEO Thierry Bollore, Nissan Motor CEO Hiroto Saikawa and Mitsubishi Motors Chairman Osamu Masuko.

"We need to go to a further step, a new step, is what we will call today a new start of the alliance," added Senard.

"It will be based on a win-win-win consensus, which means this will be a very big step for Nissan," said CEO of Nissan Motor Hiroto Saikawa who had revealed Ghosn's 'significant misconduct' last November.

Ghosn was first arrested on November 19, 2018 and later charged with under-reporting of his earnings by 5 billion yen ($45 million/€40 million) over a five-year-period until 2016. He has denied the allegations.

Since then, he has been re-arrested twice over the allegations that he had transferred personal investment losses of approximately 1.85 billion yen ($17 million/€14 million) to the company's books.

He was finally released on March 6 on a one-billion-yen bail.

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