24.2 C
Accra
Friday, August 1, 2025
WorldNissan boss to step down amid pay scandal

Date:

Nissan boss to step down amid pay scandal

Nissan chief executive Hiroto Saikawa will step down next week as the carmaker grapples with an executive pay scandal.

The announcement followed a meeting of the carmaker’s board on Monday.

Earlier, Mr Saikawa told Japanese media he was “keen to pass the torch” when asked if he was preparing to resign.

The Nissan boss had come under pressure after saying he had been overpaid as part of a bonus scheme. However, he denied wrongdoing.

Board chairman Yasushi Kimura told reporters that Mr Saikawa would quit on 16 September.

“After the board discussion, the board asked Mr Saikawa to step down from the chief executive position. Mr Saikawa accepted this,” Mr Kimura said.

Read:Ex-Nissan chair faces two new charges

Nissan said it hoped to find a replacement by the end of next month. Chief operating officer Yasuhiro Yamauchi will take on the role temporarily.

Slowing sales

The 65-year-old had been accused of receiving hundreds of thousands of dollars worth of extra share option payments in 2013.

It was the latest twist in a saga plaguing the firm that centres on improper payments to top executives.

Following reports that Mr Saikawa was preparing to step down, the Nissan boss told reporters in Japan: “I’m keen to pass the torch to the next generation as soon as possible.”

He has previously said he would resign in light of slowing sales and falling profits.

Read:Nissan to cut 12,500 jobs worldwide

The sliding performance prompted the firm to unveil plans to slash 12,500 jobs around the world.

Mr Saikawa’s troubles are the latest scandal to hit the Japanese carmaker, following the arrest of former chairman Carlos Ghosn in November.

Mr Ghosn, the architect of the Renault-Nissan alliance, faces accusations of financial misconduct and breach of trust. He denies any wrongdoing and has said his arrest in Japan was the result of a “plot and treason” against him.

The saga has cast doubt over the future of the Renault-Nissan alliance and the outlook for the company.

His long-running detention in Tokyo has also led to scrutiny of the Japanese legal system.

Source: bbc.com

[forminator_poll id="710479"]

Latest stories

“Don’t make me and Stonebwoy fight ooo”- Samini warn netizens

Veteran dancehall musician, Samini has warned netizens to resist...

Kanye West’s Heil Hitler song bans him from entering Australia

US rapper Kanye West has been banned from entering...

Agradaa describes moment shared with President Mahama heavenly – Agradaa

Evangelist Patricia Asiedua, popularly known as Agradaa, shared a...

Dada Joe Remix extradited to face romance scam charges in USA

Ghana’s nightlife mogul and alleged crypto kingpin, Nana Kojo...

Govt launches 24-Hour Economy policy today

The government's flagship, 24-Hour Economy Policy, will be launched...

GRA sets July 16 for GHS1 fuel levy implementation

The implementation of the new GHS1 Energy Sector Shortfall...

Related stories

US travel ban against Togo, Libya, others takes effect today

Effective today, Monday, June 9, nationals of twelve countries...

Pakistan: Police in search of over 200 inmates following earth tremor

Over 200 inmates are currently on the run after...

Pope Leo XIV shares canonical acceptance

Cardinal Robert Francis Prevost has officially accepted his election...

Profile of the new Pope – Cardinal Robert Francis Prevost

"Peace be with all of you!" - the first...

Cardinal Robert Francis Prevost named as the 267th Pope, takes the name Pope Leo XIV

Cardinal Robert Francis Prevost has been elected as the...

Black smoke signals end of first day of conclave to elect new pope

A thick column of black smoke rising from the...

Siemens exec and his family involved in fatal Hudson helicopter crash

Tragedy struck New York City on Thursday when a...