{"id":4731,"date":"2019-09-09T16:38:00","date_gmt":"2019-09-09T11:38:00","guid":{"rendered":"http:\/\/umang.pk\/2019\/09\/crisis-hit-nissan-ceo-set-to-resign-as-board-meets\/"},"modified":"2019-09-09T16:38:00","modified_gmt":"2019-09-09T11:38:00","slug":"crisis-hit-nissan-ceo-set-to-resign-as-board-meets","status":"publish","type":"post","link":"https:\/\/umang.pk\/ur\/2019\/09\/09\/crisis-hit-nissan-ceo-set-to-resign-as-board-meets\/","title":{"rendered":"Crisis-hit Nissan CEO set to resign as board meets"},"content":{"rendered":"<div class=\"story-detail\">\n<p><script src=\"https:\/\/cdn.radiantmediatechs.com\/rmp\/5.0.5\/js\/rmp.min.js\"><\/script><\/p>\n<div class=\"clearfix\"><\/div>\n<div class=\"medium-insert-images norender-embeds ui-sortable\">\n<figure contenteditable=\"false\">\n<img decoding=\"async\" src=\"http:\/\/umang.pk\/wp-content\/uploads\/2019\/09\/Crisis-hit-Nissan-CEO-set-to-resign-as-board-meets.jpg\" alt=\"\" title=\"\"><br \/>\n<\/figure>\n<\/div>\n<p><b>The CEO of Nissan, a Japanese automaker in the midst of the crisis, said on Monday that the chairman of the board of directors attended a meeting to discuss the audit that began after the arrest of former governor Carlos Ghosn.<\/b><\/p>\n<p>Hiroto Saikawa&#39;s retirement decision came a few days after receiving an overpayment, and is the most recent blow to the company due to Ghosn&#39;s arrest and charges.<\/p>\n<style type=\"text\/css\">\n<p>.ads_between_content {\nHeight: automatic;\nWidth: automatic;\nfloat: right;\nMargin: 10px 0 10px 20px;\n}\n@Media (max width: 600 pixels) {\n.ads_between_content {\nfloat: none;\nMargins: 0px auto;\nText alignment: center;\n}\n}\n<\/style>\n<div id=\"div-gpt-ad-1531458005988-0\" class=\"ads_between_content\">\n<script>\ngoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1531458005988-0'); });\n<\/script>\n<\/div>\n<p>Nissan said there was no immediate comment on the report.<\/p>\n<p>It was not yet determined when Saikawa resigned and who succeeded, but the chief executive officer is known to inform several Nissan executives of his decision.<\/p>\n<p>The Nissan Board of Directors, including executives of the company&#39;s affiliate partner Renault, will meet at Monday&#39;s Yokohama headquarters outside Tokyo.<\/p>\n<p>Their discussions, which will include internal Nissan audit results, are expected to be &quot;late late at night,&quot; sources told AFP.<\/p>\n<p><b>Overpayment Claim<\/b><\/p>\n<p>This audit began as a result of the Ghosn scandal, but it appears that Saikawa and other executives were involved in receiving excess wages as part of a scheme where directors can receive a bonus if the company&#39;s stock price rises above a certain level over a period of time. .<\/p>\n<p>According to reports, Saikawa is suspected of changing the bonus terms and adding incorrectly 45 million yen ($ 440,000) to their compensation.<\/p>\n<p>Nissan did not confirm the details of the payment, but Saikawa apologized last week.<\/p>\n<p>&quot;I thought I had the problem left to someone else and handled it in a proper way,&quot; he told reporters.<\/p>\n<p>Automakers are currently undergoing inspections to strengthen governance after the Ghosn scandal.<\/p>\n<p>In June, Nissan shareholders voted in favor of various measures, including the establishment of three new oversight committees responsible for senior official appointments, pay issues and audits.<\/p>\n<p>They also approved the election of 11 directors as a company restructuring, among which two Renault executives as well as Saikawa were among them.<\/p>\n<p>This reform was designed to make Nissan a more stable base after the arrest of Ghosn, who was fired from the leadership roles of Japanese and other companies.<\/p>\n<p>He is waiting for a trial on reports of paying less than millions of dollars and using company funds for personal expenses.<\/p>\n<p>Ghosn denied misbehavior and Nissan executives opposed plans to further integrate the company with Renault in France.<\/p>\n<p><b>Saikawa Resignation Request<\/b><\/p>\n<p>Saikawa, one Ghosn protege, turned around sharply against his former mentor after his arrest.<\/p>\n<p>However, in the wake of the scandal, the CEO was faced with pressure to resign from shareholders who regarded themselves as too independent of the Ghosn era.<\/p>\n<p>He immediately resisted his call to retreat, but said he planned to pass the reins after Nissan returned.<\/p>\n<p>The Ghosn scandal proved Nissan&#39;s catastrophe, confirming that its net profit plummeted nearly 95{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} from July to June and will cut 12,500 jobs worldwide.<\/p>\n<p>The Japanese company also struggled to maintain its relationship with Renault as part of a tripartite alliance with Mitsubishi Motors, which Ghosn founded and led.<\/p>\n<p>Renault holds a 43{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} stake in Japanese automakers and controls 15{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} of French companies, but no voting rights without voting rights.<\/p>\n<p>&quot;There is a working theory&quot; about cross-holding structure reforms between the two companies, a source close to this issue added, &quot;There is nothing official in the AFP.&quot;<\/p>\n<p>Nissan is also facing another challenge with Bloomberg News that Christina Murray, the company&#39;s auditor, also resigned without giving reasons.<\/p>\n<div class=\"clearfix\"><\/div>\n<div class=\"voice-play-box play voice-bottom\">\n<a target=\"_blank\" href=\"javascript:void(0)\" class=\"play-news\" rel=\"noopener noreferrer\"><br \/>\n<img decoding=\"async\" class=\"play-icon\" src=\"http:\/\/umang.pk\/wp-content\/uploads\/2019\/08\/Islamabad-German-Embassy-staff-distributes-cloth-bags-after-plastic-ban.png\" alt=\"\" title=\"\"><br \/>\n<img decoding=\"async\" class=\"pause-icon\" src=\"http:\/\/umang.pk\/wp-content\/uploads\/2019\/08\/1566662994_579_Islamabad-German-Embassy-staff-distributes-cloth-bags-after-plastic-ban.png\" alt=\"\" title=\"\"><br \/>\n<\/a>\n<\/div>\n<div class=\"clearfix\"><\/div>\n<div class=\"detail-ads\">\n<div class=\"ads\">\n<div class=\"ads-code\">\n<div id=\"div-gpt-ad-1523347863262-14\" class=\"detail_page_inner_adds_new\">\n<script type=\"text\/javascript\">\n                                                googletag.cmd.push(function () {\n                                                    googletag.display('div-gpt-ad-1523347863262-14');\n                                                });\n                                            <\/script>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>        .<\/p>\n<p>Source: https:\/\/www.thenews.com.pk\/latest\/524395-crisis-hit-nissan-ceo-set-to-resign-as-board-meets<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CEO of Nissan, a Japanese automaker in the midst of the crisis, said on Monday that the chairman of the board of directors attended a meeting to discuss the audit that began after the arrest of former governor Carlos Ghosn. Hiroto Saikawa&#39;s retirement decision came a few days after receiving an overpayment, and is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4732,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[19209,21112,21503,21808,22096],"class_list":["post-4731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-danger","tag-meet","tag-nissan","tag-plate","tag-resign"],"_links":{"self":[{"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/posts\/4731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/comments?post=4731"}],"version-history":[{"count":0,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/posts\/4731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/media?parent=4731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/categories?post=4731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/tags?post=4731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}