Japanese car giant Nissan has proposed removing chairman Carlos Ghosn from his post over financial misconduct claims.
The firm said it had been conducting an internal investigation for several months which showed Mr Ghosn had been under-reporting his compensation.
“Numerous other significant acts of misconduct” including “personal use of company assets”, were also found.
“Nissan deeply apologises for causing great concern to our shareholders and stakeholders,” the company added.
The firm said it had been providing information to the Japanese Public Prosecutors Office and would continue to do so.
Nissan said it also planned to oust a senior executive Greg Kelly who had been “deeply involved” in the misconduct.
As well as being chairman of Nissan – which owns Britain’s biggest car plant in Sunderland – Mr Ghosn is also chairman and chief executive of Renault and chairman of Mitsubishi Motors.
In addition, he is chairman and chief executive of the Renault-Nissan-Mitsubishi Motors strategic alliance.