Nissan CEO Officially Resigns After Admitting He And Other Executives Were Overpaid

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Nissan CEO Hiroto Saikawa has officially resigned a couple of days after he admitted to reporters in Japan that he and some other company executives were overpaid as part of a stock-related payment plan.

After a meeting on Monday, Nissan’s board of directors announced his departure, which is effective September 16th. In addition, the board of directors officially named Chief Operating Officer Yasuhiro Yamauchi as the new acting Nissan CEO as the company searches for a successor.

Details about the overpayments emerged in news reports on local media ahead of the Monday’s board meeting, where the board of directors heard the results of an internal investigation into conduct at the Japanese company.

The probe was prompted by the surprising arrest of former chairman Carlos Ghosn on November 2018.

During a press conference in Yokohama on Monday, Nissan chairman Yasushi Kimura said that the company’s stock appreciation rights program was a subject of the probe.

In addition, he said that while the payments weren’t illegal, the program was “intentionally manipulated.” However, he didn’t detail on whether Saikawa’s resignation was somehow linked to any excess pay he received or not. 

Article (c) Fourth Estate – All Rights Reserved.
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