News: Nissan CEO signs off former executive Ghosn’s retirement deal

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Nissan CEO signs off former executive Ghosn’s retirement deal

Nissan CEO, Hiroto Saikawa, approved the retirement deal for former executive Carlos Ghosn amid a pay scandal, proposed by an external panel created to look into the corporate governance rules of the company.
Nissan CEO signs off former executive Ghosn’s retirement deal

In light of the alleged financial misconduct by Carlos Ghosn, Former Chairman of Nissan and Renault SA, Hiroto Saikawa, Chief Executive Officer of Nissan Motor Co. has signed off on Ghosn’s retirement package, according to an external corporate-governance panel.

Ghosn and his deputy Greg Kelly have been accused by Japanese prosecutors of misleading both the investors and the government about Ghosn’s salary. Even though the executives have been charged with underreporting of Ghosn’s compensation package, it remains unclear as to how much of that compensation would be available to him post retirement.

The independent panel conducted a three-month long audit of Nissan’s procedures when it comes to corporate governance. The committee was created late last year when Ghosn was jailed on Nov. 19 amidst accusations of the pay scandal. Ghosn had been ousted from his chairman’s position just three days after his capture.

The Japanese automaker is also facing shareholder pressure in the form of the french automaker, Renault SA, who also happens to be Nissan’s largest shareholder and a part of the globe’s largest automaker alliance.

Image credits: NDTV.com

Topics: Appointments, C-Suite

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