Carlos Ghosn, the chairman of Japanese car giant Nissan, has been arrested over claims of financial misconduct.
Mr Ghosn, a towering figure in the car industry, will be sacked from the firm after a board meeting on Thursday, the firm’s chief executive said.
He has been accused of “significant acts of misconduct”, including under-reporting his pay package and personal use of company assets.
The firm said it was unable to give further details on the offences.
It said it had been conducting an internal investigation for several months, prompted by a whistleblower report.
According to Japanese media reports, which have not been confirmed, he under-reported an amount totalling 5bn yen ($44m; £34m) over a five-year period from 2011.
From 2010, Japanese firms have been required to disclose the salaries of executives who earn over 100m yen.
“Nissan deeply apologises for causing great concern to our shareholders and stakeholders,” the company said.
The firm said it had been providing information to the Japanese Public Prosecutors Office and would continue to do so.
Nissan said it also planned to oust senior executive Greg Kelly, who had been “deeply involved” in the misconduct.