Ghosn, Nissan's one-time saviour, has been held in detention since his November 19 arrest and indicted for under-reporting his salary and breach of trust. He has denied the charges.
Nissan had recently replaced Ghosn with Saikawa as President. Renault soon followed suit, replacing him with Jean-Dominique Senard as President.
Ghosn's arrest and subsequent indictment on three charges exposed rifts between Nissan and French carmaker Renault which, together with Mitsubishi Motors, make up the world's top-selling auto manufacturing group.
Ghosn stands accused of under-reporting his income in documents to investors, apparently in response to criticism that he earned too much.
After his release, Kelly will have to follow rules set by the court, including those regarding his residence and travel, prosecutors have said.
The 19-year partnership between Renault SA and Nissan Motor is facing its biggest test to date after the arrest this month of its larger-than-life leader, Carlos Ghosn, for suspected financial misconduct.
Ghosn's ouster marks the end of his chairmanship of Japanese automakers, just two years after he was praised for bringing a steadying hand to Mitsubishi Motors following a cheating scandal in 2016.
Ghosn, who has not spoken publicly, has told investigators that he had no intention of under-reporting his remuneration on financial documents and has denied allegations against him.
Ghosn's ouster is an astonishing turnaround for a titan of the auto sector who revived the Japanese brand and forged an alliance with France's Renault as well as domestic rival Mitsubishi Motors.
Ghosn is being held in a Tokyo detention centre and has not been seen in public nor made any comments since his arrest.
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