Financial irregularities force new Nissan boss to step down

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Financial irregularities force new Nissan boss to step down

On Monday, the 9th of September 2019, Japanese automaker Nissan Motor Co., which recently had released its largest ever quarterly loss of nearly 90 percent in a decade amid an en masse auto sales decline across the world, had issued a statement saying that Nissan CEO Hiroto Saikawa would resign by September 16th, suggesting a kneel-down of Nissan CEO to growing pressures after he had admitted earlier this month that he was being overpaid improperly.

On top of that, latest Nissan Motor Corp.’s decision to sack its CEO, who was tasked with a major reform following arrest and dismissal of the Japanese carmaker’s former boss Carlos Ghosn, but failed to comply with the job and deteriorated relationship with its French alliance partner Renault SA, was brought into light a few days after Saikawa had admitted that he had received an overpayment of around $440,000 last week, marking further upheaval on a company which was rammed heavily following release of a stack of scandals alongside dwindling profits.

Nonetheless, according to the Japanese carmaker’s Monday’s (September 9th) statement, Saikawa would be supplanted momentarily by the carmaker’s Chief Operating Officer, Yasuhiro Yamauchi, while a permanent successor would likely to take over the office by the end of October, a spokesman for the Japan’s second-largest automaker said on Monday (September 9th) on condition of anonymity.

Meanwhile, referring to Saikawa’s resignation, Nissan Motor Corp.’s Chairman of the Management Board, Yasushi Kimura said in a press conference on Monday (September 9th), “Saikawa recently has indicated his inclination to resign, and in line with his desire to pass the baton to a new generation of leaders at Nissan, he will resign on Sept.

16,” while apologizing for his shortcomings, Saikawa said, “I had hoped to solve all of these issues before stepping down. But I haven’t been able to, and for that I apologize. ”