Renault-Nissan Chairman and CEO- Carlos Ghosn will not immediately be ousted of the company as the Board is unable to comment on the gathered evidence against Ghosn by Nissan and Japanese judicial authorities.
Ghosn is being held in a detention center in northern Tokyo in conditions far removed from his abundant lifestyle.
There was no update Wednesday in Tokyo from prosecutors on Ghosn's case, and no public word from Ghosn himself.
Securing a unanimous decision to oust Ghosn as chair will likely be hard because Nissan directors that used to work at Renault may not back the dismissal until the allegations against Ghosn are made clear, according to people familiar with board members' deliberations.
Renault's board of directors announced late Tuesday that the No. 2 at the company, Thierry Bollore, would temporarily fill in for Ghosn.
Mr Ghosn, who was among the best-paid executives in both France and Japan, stands accused of under-reporting income of about US$44 million (S$60.5 million) and misusing company funds at Nissan.
Nissan, by contrast, said after Ghosn was detained on Monday that it intends to dismiss Ghosn, 64, as chairman - acting with a haste that's fueled open speculation that he was the victim of a coup by Nissan CEO Hiroto Saikawa, and others at Nissan opposed to deeper integration between the two companies.
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Ghosn's stated remuneration in the reports over five years until fiscal 2014 was around ¥1 billion annually, ranging from ¥982 million to ¥1.035 billion.
Paris and Tokyo have been scrambling to contain the fall-out from the arrest.
The debate at the top of Nissan adds another layer of complexity to a saga that's rippling through the powerful alliance.
"I think this is someone who was able to do what we Japanese, stuck in our ways, were not able to do", passer-by Yoshiaki Watanabe told AFP.
Ghosn was once the darling of corporate and even popular Japan - even having a manga comic inspired by him - and has been the glue holding the auto tie-up together since 1999.
He had a reputation as a workaholic and won the nickname "Le Cost Cutter" in France for his slash-and-burn approach to corporate restructuring.
Through complex cross-shareholding arrangements, Renault owns 43 percent in Nissan, including voting rights, while Nissan owns a 15 percent non-voting stake in Renault.
Nissan has become the alliance's key player, however, posting sales of 12 trillion yen (US$106 billion) a year ago compared with Renault's 59 billion euros (US$67 billion).
Even when his reputation was sky-high, he attracted criticism for a flashy lifestyle at odds with traditional Japanese corporate culture and his salary - an estimated €13 million in total past year.