Sunday , March 7 2021

Nissan appointed the CEO of Saikawa as chairman following the departure of Ghosn

CEO Nissan Motor Co. Hiroto Saikawa (Mainichi)

TOKYO (Kyodo) – Nissan Motor Co intends to appoint Hiroto Saikawa CEO to double as chairman in a next month board meeting after dismissing Carlos Ghosn for alleged financial misconduct, told sources of information on the situation on Tuesday.

The board intends to meet on December 17, said the sources, where three independent directors will nominate a candidate to a chairman from among the other six directors.

Ghosn, who was arrested by Tokyo prosecutors about a week ago claiming he was reporting his compensation, and Greg Kelly, an actor accused of misconduct and arrested as well, waiting on board .

Both men are currently being retained but have not been raised yet. They have rejected the allegations, according to investigative sources.

Saikawa had been appointed to be named chairman of Nissan on an interim basis at an emergency board meeting on Thursday, but the plan was caught over concerns that the Renault SA co-league would fall, which Ghosn is still chairman and CEO.

Leadership vacuum appears to be increasingly turning a power test.

Finance Minister and the Economy of France, Bruno Le Maire, said he thought it was better for the tripart alliance to continue to be led by a Renault person.

Ghosn, who was sent to Nissan from Renault as chief executive officer in 1999, turned the fortune of the Japanese maker, dragging him out of bankruptcy through intensive cuts.

Renault, who owns 43.4 percent of Nissan, is expected to push for one of his own operators, rather than Saikawa, to succeed Ghosn. Nissan holds a share of 15 per cent in the French automaker and part 34 percent co-league member Mitsubishi Motors Corp.

Japanese industry minister Hiroshige Seko said at a press conference on Tuesday that the government will not comment on the constitution of the new Nissan management team, given that the company's shareholder is not.

On Monday, Mitsubishi Motors' board also voted unanimously to reject Penance as his chairman.

Gosn was arrested on suspicion of breaking Japanese Financial Instruments and the Exchange Act by telling Nissan financial reports to Japanese regulators that he had paid around 5 billion yen ($ 44 million) in pay during the five years ending March 2015 , when in fact he had received almost 10 billion yen.

He also suspects that the executive named in Brazil, which also holds the citizenship of the Lebanese and French, has received company funds used to buy and renew dispersed homes across four countries, and to move 1.7 billion yen in investment losses personal to Nissan, according to the sources.

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