Nissan’s CEO Resigns

Japanese automotive giant Nissan has announced that Hiroto Saikawa has resigned as chief executive officer and president, effective September 16, the Associated Press reported.

We held a shareholders' meeting and, taking into account the wish of Saikawa himself, it was decided that he would leave his posts on September 16th. The interim CEO will be Yasuhiro Yamauchi, who is now Chief Operating Officer. We have to name Saikawa's successor already in October, said Yasushi Kimura, chairman of the board of directors.

With his retirement, Saikawa assumes responsibility for the increased bonuses he received while in leadership positions, to which he has previously admitted. The amount of relevant bonuses in Nissan was determined by the value of the company's shares. This system was introduced because of the desire to stimulate the Nissan management to act more actively, to develop the corporation and to increase its revenues, BTA informs.

Nissan remains the centre of attention amid scandal with former head of the Franco-Japanese car alliance Renault-Nissan-Mitsubishi Carlos Ghosn.

Carlos Ghosn and his close associate and former Nissan board member Greg Kelly were arrested by Tokyo prosecutors on November 19 last year on charges of financial misconduct. According to prosecutors, Ghosn did not declare the exact amount of 9 billion yen (over $ 80 million) in remuneration as the chairman of the Nissan Board of Directors from 2010 to 2018. According to investigators, he also transferred personal financial losses from unsuccessful securities transactions in 2008 to the corporation.

Ghosn was fired from his position as chairman of the board of directors of Nissan, Mitsubishi and Renault.