It’s rare that a fall from grace in the business world is quite as swift or steep as that of the recently toppled Nissan boss, Carlos Ghosn.
Once the darling of the global motor industry, hailed with restoring Renault to good fortune in the Nineties, Mr Ghosn was arrested in Tokyo on Monday after an investigation appeared to show he has been understating his earnings for several years now.
The revelations have sent shares in Nissan and Renault plunging - Mr Ghosn, 64, is the chief of the Renault-Nissan Alliance - following reports that he could have misstated his income by as much as 5bn yen (£35m).
Mr Ghosn and a colleague, Greg Kelly, are also accused of “numerous other significant acts of misconduct”, including personal use of company assets, and it is expected that both men will be dismissed by Nissan in the coming days.
Somewhat ironically, the (soon to be former) chairman of Nissan earned the nickname ‘Le Cost Killer’ during his time at Renault due to his ruthless management strategy.
He brought a similar style to Nissan in 1999 after Renault bought a controlling stake in the Japanese firm, and is credited with leading the company’s turnaround after being appointed chief executive in 2001, which he achieved by slashing spending, closing down factories and axeing tens of thousands of jobs.
Mr Ghosn, who was born in Brazil to Lebanese parents, previously enjoyed an almost heroic status in Japan - the tale of his efforts to bring Nissan back into profit was made into a best-selling manga (Japanese comic book).
Meanwhile, as leader of the Renault-Nissan-Mitsubishi Alliance, Mr Ghosn headed up the world’s largest car group by sales.
As recently as March this year, he was said to be driving negotiations around a potential merger of Renault and Nissan and was touted as the natural choice to run the combined entity.
With his reputation now in tatters, a merger seems more unlikely than ever, and the very future of the alliance now hangs in the balance.
Mr Ghosn has been a key figure in the partnership since it was first forged, with a lot of personal influence, and there have long been questions about the alliance’s succession planning.
And while the allegations made against Mr Ghosn may turn out to be false, it would be difficult for him to weather this storm and remain as chairman.
The man who built his reputation as the saviour of Renault and Nissan could yet be remembered as the man who dragged them both into disrepute.
