But Japanese newspapers reported this morning that he is set to be arrested in Tokyo on suspicion of manipulating financial reports.
Nissan's CEO Hiroto Saikawa planned to propose to its board that Ghosn and Kelly both be removed from their posts, the company said in a statement.
Ghosn is credited with helping engineer a remarkable turnaround at Nissan over the past two decades, resuscitating the Japanese automaker from near bankruptcy after he was sent in by Renault.
Mr Ghosn joined Nissan in 1999 after Renault bought a controlling stake and became its CEO in 2001, remaining in that post until a year ago.
Renault's shares, listed in Paris, plummeted after Nissan confirmed reports of its chairman's alleged misconduct. The companies have worked as an alliance for nearly a two decades and Brazilian-born Mr Ghosn has led a dramatic turnaround at Nissan over the last two decades, rescuing it from near-bankruptcy.
"Based on a whistleblower report, Nissan Motor Co., Ltd. (Nissan) has been conducting an internal investigation over the past several months regarding misconduct involving the company's Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly, " Nissan said in a release.
Among the most prominent car-industry executives globally, Ghosn, 64, built the three-way union of Renault, Nissan and Mitsubishi Motors Corp.
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Japanese media reported that Ghosn, who is also chairman and chief executive of Nissan's French partner Renault and one of the best known figures in the global vehicle industry, had been arrested.
A Brazilian-born French national, Ghosn revived Renault as executive vice president from 1996 to 1999. Ghosn was also personally involved in acquiring assurances from prime minister Theresa May that the auto manufacturing sector would not be harmed in the aftermath of the Brexit vote in 2016.
Nissan will fully cooperate with the investigation, it said.
A spokesman for Renault declined to comment.
Among the best paid executives in both Japan and France for several years, Ghosn's compensation has regularly drawn criticism.
Ghosn stepped down as CEO of Nissan in 2017. He said in September that he will continue to pare back his roles at the three individual companies, while continuing to head their alliance. He took home about $8.5 million at Renault and about $2 million from Mitsubishi in the latest period. In addition to this, he received 9.2 million euros in his final year as Nissan chief executive.