The decision to sever ties with Mr Ghosn was made at a an extraordinary shareholders meeting held on Monday. "We want to secure the right future for Nissan". Nissan sacked Ghosn as chairman nearly immediately after his initial arrest but an extraordinary meeting of shareholders is required to remove him from the board "Some of them you have seen in the press, but there are others that haven't been in the press", he said.
One shareholder, who didn't identify himself, stood up to berate Nissan's management, saying that they should also be held responsible for the scandal and "should resign once and for all".
Last week, the Tokyo District Court approved the detention of the 65-year-old until April 14 after Ghosn was arrested once again for the fourth time on Thursday by Tokyo prosecutors on suspicions of aggravated breach of trust.
Other reports in Japan say that investigators are looking into allegations that company money allegedly misused by Ghosn could have transited through a business that was run by his wife.
Saikawa on Monday said Nissan may claim damages against Ghosn, and that he would work to stabilise the company before standing down as chief executive.
He was appointed as president of Nissan in 2000 and was given the post of chief executive officer the following year.
Ghosn has been charged with falsifying securities documents and with having Nissan shoulder personal investment losses.
After his arrest, Ghosn was also dismissed as chairman of Mitsubishi Motors Corp. and replaced as chairman of Renault SA in the three-way alliance he created after he tendered his resignation while in detention in Tokyo.
Ghosn says the compensation, which was for his retirement, was never decided or paid, the investment losses were never suffered and the payments were for legitimate services.
Yokohama-based Nissan, which makes the Leaf electric auto, March subcompact and Infiniti luxury models, was on the brink of bankruptcy when Ghosn was sent in by Renault two decades ago. The date of his trial has not been set. His lawyers have said his latest arrest was an attempt to muzzle him.
Ghosn's wife Carole Ghosn has left Japan for France, where she plans to appeal to the French government to help her husband.
"I'm asking that we allow him the presumption of innocence like all French citizens, and France must do something", she told France's RTL radio.
Despite her Lebanese passport being confiscated by Japanese authorities, Carole said she was able to use her American passport to board a flight and was accompanied by the ambassador to the airport.
Mr Saikawa told shareholders the company will stick by the alliance, fix its governance problems and make the ouster of Ghosn "a turning point".