Can the Renault-Nissan-Mitsubishi Alliance survive?

Carlos Ghosn’s potential ouster as chairman of Nissan after his arrest for alleged violations of Japan’s financial laws raises the question: Can the Renault-Nissan-Mitsubishi Alliance survive without him?

Ghosn’s arrest doesn’t mean he will be found guilty and it’s unclear how long the legal process will take, but his arrest most likely signals the end of his 20-year relationship with Nissan, which Ghosn, turned around, earning him “business superstar” status in Japan and even a manga comic book on his life.

Ghosn’s standing in the complex Franco-Japanese industrial alliance also appears to be at risk. Ghosn, 64, guided the alliance to vie with Volkswagen Group and Toyota to be the world’s biggest automaker by volume, selling more than 10 million vehicles globally under 10 different brands.

Renault board’s lead independent director issued a statement Monday saying only that the board would meet soon and that he and two other independent directors wished to express their “dedication to the defense of Renault’s interest in the alliance.”