Bernstein's Warburton wrote that Ghosn's once-mighty reputation has been declining for years, while Krebs said Nissan never could meet Ghosn's goal of 10 percent US market share even though it has relied on "bad behavior" such as heavy discounts and sales to rental vehicle companies.
Carlos Ghosn, one of the world's most influential executives is under arrest, in a shocking turn of events that raises questions about the future of the sprawling Franco-Japanese auto group he leads.
In addition, he is chairman and chief executive of the Renault-Nissan-Mitsubishi Motors strategic alliance.
France's finance minister Bruno Le Maire said on Tuesday that after his arrest, Ghosn was no longer fit to be at the helm of Renault.
Ghosn, 64, and Representative Director Greg Kelly had been officially reporting lower compensation "to reduce the disclosed amount", Nissan said in a statement.
In a press conference on Monday, Nissan said an internal investigation prompted by a whistleblower had revealed "significant acts of misconduct" including "personal use of company assets".
Both men could face charges in Japan.
Ghosn is also the chairman and chief executive of France's Renault and chairman of Mitsubishi Motors.
Nissan's CEO Hiroto Saikawa planned to prospose to its board that Ghosn and Kelly both be removed from their posts. "Saikawa will also propose the removal of Greg Kelly from his position as Representative Director". The actual amount he made was hundreds of millions of yen more, say people familiar with the matter.
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Under Japanese law, a suspect can be detained by prosecutors for up to 20 days before being charged or released.
Adding to the complexity is the byzantine structure of the Renault-Nissan-Mitsubishi Alliance.
Renault owns 43.4 per cent of Nissan, while Nissan owns 15 per cent of Renault, with no voting rights in a partnership that began in 1999.
Ghosn is credited with transforming the loss-making Nissan into a modern company and pulling it back from the brink.
Ghosn was one of the first executives to champion electric cars, and he also developed a range of low-priced cars for emerging markets.
He served as Nissan's chief executive from 2001 until April 2017, becoming chief executive of Renault in 2005, leading the two major carmakers simultaneously.
Japanese media on Monday reported that the Brazilian-born executive had been held after prosecutors in Japan questioned him for various improprieties, including under-reporting his income. They are accused of under-reporting the size of Ghosn's compensation package "over many years", and Ghosn is accused of using company money for personal expenses.
French President Emmanuel Macron warned Paris would be "extremely vigilant" about the stability of Renault and the three-firm alliance after Ghosn's arrest.