5/16/2019

Nissan Board Confirms Saikawa Will Continue as CEO

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Nissan Motor Co.’s board has approved a roster of directors that will retain embattled CEO Hiroto Saikawa, The Nikkei reports.

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Nissan Motor Co.’s board has approved a roster of directors that will retain embattled CEO Hiroto Saikawa, The Nikkei reports.

The roster, which will be presented to shareholders for their approval in June, is likely to be announced tomorrow.

The board moves are intended to calm criticism of Nissan’s management oversight following last November’s arrest of former Chairman Carlos Ghosn on charges of financial misconduct. Saikawa is leading a retrenchment at the company that will trade sustainable profitability for Ghosn’s emphasize on sales growth.

Nissan’s board will expand to 11 members from the current eight and give outside directors a majority for the first time. Four seats will be occupied by Nissan executives, including Yasuhiro Yamauchi, who was named chief operating officer this week.

Alliance partner Renault SA, which owns 43% of Nissan, will control two of the Japanese carmaker’s board seats. Those positions will be occupied by Renault Chairman Jean-Dominique Senard and CEO Thierry Bollore. Neither man will replace Ghosn as Nissan’s chairman.

Nissan initially opposed adding Bollore. Observers speculate that the company relented in exchange for retaining Saikawa. He continues to oppose Renault’s efforts to merge the two companies under a single holding company.

 


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