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Drama As New Nissan CEO Steps Down

The crisis rocking Nissan Motor continued on Monday as global Chief Executive Officer (CEO),  Hiroto Saikawa  resigned from his position as the Japanese automaker remains entrenched in chaos after the firing of chairman Carlos Ghosn amid an alleged scandal.

On Monday, the Board of Nissan Motor held their regular Board of Directors meeting, where after discussion, the Board asked him to resign as representative executive officer and CEO of the company, effective September 16, and he accepted.

Effective the same day, Nissan’s representative executive officer and COO, Yasuhiro Yamauchi, will become acting CEO.

Meanwhile, Nissan’s Nomination Committee will accelerate its efforts to select a successor for the CEO position, with the goal of concluding the search by the end of October.

An audit was launched in the wake of the Ghosn scandal and it appears to have implicated Saikawa and other executives for receiving excess pay as part of a scheme under which directors can earn a bonus if their company’s share price rises above a certain level in a set period.

Saikawa is suspected of improperly adding 47 million yen (USD 440,000) to his compensation by altering the terms of a bonus.

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