Nissan CEO Hiroto Saikawa has resigned and admitted to inflating his compensation
The Asahi Shimbun via Getty Images
Yasushi Kimura, a Nissan director, said at a Monday evening news conference in Yokohama, that Saikawa’s resignation is effective Sept. 16 and the board, which has already been searching for a replacement, will appoint his successor next month.Saikawa had been under pressure ever since his predecessor, Carlos Ghosn, was arrested last year and charged with a series of financial wrongdoing, including illegally enriching himself by about $5 million.
Saikawa has not been charged with any crime. He said he didn’t know about the alleged illegality, promised to return the amount by which his compensation was inflated, and blamed a compensation that he said Ghosn implementedGhosn, who faces criminal charges, is out on bail pending trial. He has said repeatedly that he is innocent.
Part of the problem is lingering uncertainty over the alliance with Renault SA, which owns 43% of Nissan.
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