Japanese car giant Nissan has proposed removing chairman Carlos Ghosn from his post over financial misconduct claims.
The firm said it had been conducting an internal investigation for several months which showed Mr Ghosn had been under-reporting his pay package.
“Numerous other significant acts of misconduct” including “personal use of company assets”, were also found.
According to Japanese media reports Mr Ghosn, a towering figure in the car industry, has been arrested in Tokyo.
According to the same reports, which have not been confirmed, he under-reported an amount totalling 5bn yen ($44m; £34m) over a five-year period from 2011.
“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.
It said a report from a whistleblower had prompted its investigation.