Chairman of Nissan and Renault is arrested for alleged misconduct and using company money at the Japanese carmaker for personal use. Nissan’s chairman is to be fired after the firm said an internal probe found he under-reported his income by millions of pounds and engaged in other ‘significant misconduct’. Brazilian-born Carlos Ghosn, 64, was arrested today after he voluntarily submitted to questioning by Tokyo prosecutors, according to reports in Japan. The Yokohama-based company, one of the world’s largest automakers, said the alleged violations were discovered during an investigation over several months that was instigated by a whistleblower. Ghosn, who is also chairman of Renault and Mitsubishi, also allegedly engaged in personal use of company assets, it said. Nissan said it was providing information to the prosecutors and cooperating with their investigation. The allegations also concern a Nissan representative director, Greg Kelly, it said.
Troubled TSB hires CYBG (CYBG) veteran Debbie Crosbie to replace outgoing boss Paul Pester as bank tries to turn fortunes around after IT debacle. Debbie Crosbie has been appointed chief executive of TSB as the bank looks to move on from an IT debacle which caused trouble for thousands of customers. The chaos ultimately led to the departure of boss Paul Pester in September. Crosbie will take up the role in 2019 and joins after 20 years at rival CYBG, most recently as chief operating officer. Chairman Richard Meddings said under the new leadership the bank will focus on ‘putting things right for customers’.
GlaxoSmithKline to raid Silicon Valley: UK firm lures tech stars to create blockbuster drugs. GlaxoSmithKline (GSK) technology chief has vowed to poach top talent from the likes of Google and Facebook as it overhauls its approach to discovering new drugs. Karenann Terrell, who was made Glaxo’s first chief digital and technology officer last year, said pharmaceutical firms needed to adopt Silicon Valley’s tactics or face the reckoning that industries such as retail have endured at the hands of online rivals. The former Walmart executive, 57, said she would aim to poach top staff from internet giants and acquire tech companies if necessary to tap into their expertise. This includes analysing vast troves of data, which she believes can help uncover lucrative new medicines.
Unilever strikes 10-year agreement for Colman’s mustard production to continue in Norfolk. Unilever (ULVR) has struck a ten-year agreement for Colman’s mustard production to continue in Norfolk. The deal with mustard and mint farmers, known collectively as Condimentum, will see a new £10m factory built near Norwich. It comes after the firm announced it would shut its Carrow Works site in Norwich, where Colman’s has been produced since 1858. Manufacturing of some other products will move to Staffordshire, while packaging of dry condiments will be done in Germany.
US hedge fund boss threatens to launch coup against executives at FirstGroup (FGP), amid growing investor anger about its performance. A US hedge fund boss has threatened to launch a coup against executives at transport company First Group, amid growing investor anger about its performance. James Rasteh, of Coast Capital Management, said: ‘They are driving the bus off the cliff. If they are deadly intent on continuing to do that they must be ejected from their seats.’ First Group has lost 78% of its value in the past ten years. Rasteh claimed Coast could get more than the 5% support necessary to convene an investor vote on the board.
