- Title: Profile of Nissan CEO Hiroto Saikawa as he admits to receiving improper payment
- Date: 6th September 2019
- Summary: Saikawa attended a news conference on March 12, 2019 to announce that Nissan Motor and France's Renault retooled the board structure of the world's largest car-making alliance, putting themselves as equals after the ouster of former boss Carlos Ghosn. YOKOHAMA, JAPAN (FILE - MARCH 12, 2019) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** EXTERIOR OF NISSAN MOTOR HEADQUARTERS SIGN READING (Japanese and English): "NISSAN MOTOR CO., LTD. GLOBAL HEADQUARTERS" FLAGS OF JAPAN, FRANCE AND NISSAN FLYING (FROM LEFT TO RIGHT) RENAULT'S CEO THIERRY BOLLORE, RENAULT'S CHAIRMAN JEAN-DOMINIQUE SENARD, SAIKAWA AND MITSUBISHI MOTORS CORP. CEO,OSAMU MASUKO TAKING SEATS SAIKAWA SPEAKING NEWS CONFERENCE IN PROGRESS VARIOUS OF BOLLORE, SENARD, SAIKAWA, MASUKO SHAKING HANDS
- Embargoed: 20th September 2019 05:21
- Keywords: Nissan Motor Co Chief Hiroto Saikawa CEO Carlos Ghosn misconduct Japan
- Location: YOKOHAMA AND TOKYO AND YOKOSUKA AND CHIBA, JAPAN
- City: YOKOHAMA AND TOKYO AND YOKOSUKA AND CHIBA, JAPAN
- Country: Japan
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA008AVIPTMV
- Aspect Ratio: 16:9
- Story Text: Nissan Motor Co Ltd is not currently considering asking embattled Chief Executive Officer Hiroto Saikawa to resign now, two people with knowledge of the matter told Reuters on Friday (September 6), a day after he admitted to being overpaid in violation of internal procedures.
An internal investigation found that Saikawa and other executives had received improper compensation, raising doubts about Saikawa's pledge to improve governance in the wake of former Chairman Carlos Ghosn's arrest last year for alleged financial misconduct.
Saikawa on Thursday (September 5) admitted to misconduct involving stock-related compensation and told reporters that he planned to return the portion he had wrongfully received.
The company has been trying to strengthen governance, slash costs and boost flagging profitability amid persistent allegations of financial misconduct stemming from Ghosn's 20-year reign at Japan's second-biggest automaker.
Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan. Kyodo reported that proceedings could start as early as March.
(Production: Kwiyeon Ha)
- Copyright Holder: FILE REUTERS (CAN SELL)
- Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None