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Renault Replaces Carlos Ghosn As Its Chairman And CEO

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Renault Replaces Carlos Ghosn As Its Chairman And CEO
The auto executive's been in a Japanese jail since he was first arrested back in November for allegedly underreporting his income.
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Carlos Ghosn has officially resigned as chairman and CEO of the French automaker Renault.

The auto executive's been in a Japanese jail since he was first arrested back in November for allegedly underreporting his income by more than $44 million over a five-year period. Since then Japanese authorities have charged Ghosn with two counts of underreporting his income and as well as breach of trust.

Both Nissan and Mitsubishi Motors moved quickly to remove Ghosn as their respective chairmans soon after he was initially arrested. But Renault initially decided to instead appoint other people to temporarily take over his day-to-day duties. On Thursday, the automaker announced its board of directors had already selected Ghosn's replacements.

Ghosn claims he's been "wrongly accused" of financial misconduct. But prosecutors have successfully argued that he's a "flight risk" and it's possible he'll be kept in jail until a trial starts, which could be months, or even a year.

Additional reporting from Newsy affiliate CNN.