Carlos Ghosn Only Reported Half Of $88.7 Million Earnings.
Carlos Ghosn's net worth reached several millions but only reported half of it. Now, he continues to face the consequences.
Ghosn remains the man of the hour for the auto industry, despite being ousted from Nissan. The ex-chairman earned $88.7 million from 2011 to 2015 but only reported 50 percent of it. The Japanese authorities also claimed he used company funds to support his excessive lifestyle, Business Insider (https://www.businessinsider.com/carlos-ghosn-news-former-nissan-chairman-bail-career-net-worth-2019-3) reports.
In 2017, he earned $17 million and in the following year, his net worth hit $120 million. His work as chairman of Nissan and his achievements with the company were handsomely rewarded. Under his leadership, Nissan has overtaken Honda in Japan in terms of car manufacturing. He also increased the company's profits and efficiency after implementing cost-cutting process.
While working for the Japanese automobile giant, he lived a lavish lifestyle and traveled in a company-owned Gulfstream private jet which carry a price tag of at least $67 million. The former CEO also lived in an 8,000 euros a month apartment in Amsterdam, a $9 million mansion in Beirut and a $9,000 a month Tokyo flat. Moreover, he owns $60 million of shares in Nissan, Renault SA and Mitsubishi Motors. Authorities claim that including all the jets and properties he owns, Carlos Ghosn's net worth could have swollen to $200 million.
A report also added the he may have tapped Renault's funds to pay for his wedding party at the Chateau de Versailles. On November 2018, all his excessive lifestyle came to a crashing end as he was arrested after landing in Tokyo over alleged underreporting compensation. According to (https://www.bloomberg.com/news/articles/2019-01-08/in-ghosn-s-jet-set-world-a-120-million-fortune-can-be-peanuts) Bloomberg , he denied all the accusations against him.
In March, he was freed on a $9 million bail. Ghosn was apprehended again a month later but paid another $4.5 million for bail.
The former Mitsubishi Motors executive was one of the highest paid in the auto industry, per (https://www.news18.com/news/auto/a-look-at-carlos-ghosn-salary-in-comparison-to-other-auto-ceos-elon-musk-mary-barra-and-more-1950519.html) News18 . He only trails Mary Barra from The General Motors who received a total of $21.96 million in compensation, salary, bonus and stock awards. Carlos Ghosn came in second with $16.9 million compensation from Renault, Nissan and Mitsubishi.
The top executives in the auto industry are getting paid for their work and it might be hard to imagine that some of Ghosn's peers are paid higher. The late Sergio Marchionne had shares from Fiat Chrysler, Ferrari and CNH Industrial worth $486 million. Even the top heads of Ford Motor Co. and Volkswagen AG are compensated more than the ousted Renault executive.
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|Publication:||International Business Times - US ed.|
|Date:||Dec 31, 2019|
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