7201.T - Nissan Motor Co., Ltd.

Tokyo - Tokyo Delayed price. Currency in JPY
713.80
-0.10 (-0.01%)
As of 1:16PM JST. Market open.
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Previous close713.90
Open716.10
Bid713.80 x 0
Ask713.90 x 0
Day's range712.10 - 718.50
52-week range635.10 - 1,108.50
Volume6,066,300
Avg. volume11,687,009
Market cap2.793T
Beta (3Y monthly)0.90
PE ratio (TTM)13.32
EPS (TTM)53.60
Earnings date6 Nov 2019 - 11 Nov 2019
Forward dividend & yield57.00 (7.95%)
Ex-dividend date2019-03-27
1y target est1,065.60
  • Reuters

    Former senior Mitsubishi executive set to join rival PSA: source

    A former senior executive at Japanese carmaker Mitsubishi, which is part of an alliance with Nissan and Renault, is set to work at rival PSA Group, the maker of Peugeot, a source close to the matter said on Friday. Vincent Cobee was Mitsubishi's head of product strategy until April this year and had previously worked at Nissan. PSA Group declined to comment.

  • Departure of Nissan's Saikawa hastened by independent directors - sources
    Reuters

    Departure of Nissan's Saikawa hastened by independent directors - sources

    TOKYO/PARIS (Reuters) - The fate of Nissan CEO Hiroto Saikawa was sealed by two external directors who persuaded the board on Monday to oust the company veteran and spare the carmaker more reputational damage after a string of high-profile scandals, two sources said. Outside directors Jenifer Rogers and Keiko Ihara, members of corporate governance committees created in the aftermath of the arrest of former chairman Carlos Ghosn, pushed for Saikawa's departure at a board meeting that went on for several hours at Nissan Motor's Yokohama headquarters, the sources said.

  • Reuters

    U.S. probes 553,000 Nissan Rogue SUVs for unintended emergency braking

    The National Highway Traffic Safety Administration (NHTSA) has opened a preliminary investigation into 553,000 Nissan Rogue sport utility vehicles after reports of their automatic emergency braking systems engaging without warning or an obstruction, the agency said on Thursday. The probe into 2017-2018 model year Nissan Rogue and Rogue Sport vehicles follows a petition from the Center for Auto Safety seeking a formal government investigation. The petition noted that Nissan previously issued a Technical Service Bulletin, launched two "Quality Actions," and initiated a "Customer Service Initiative" to address concerns.

  • Departure of Nissan's Saikawa hastened by independent directors: sources
    Reuters

    Departure of Nissan's Saikawa hastened by independent directors: sources

    TOKYO/PARIS (Reuters) - The fate of Nissan CEO Hiroto Saikawa was sealed by two external directors who persuaded the board on Monday to oust the company veteran and spare the carmaker more reputational damage after a string of high-profile scandals, two sources said. Outside directors Jenifer Rogers and Keiko Ihara, members of corporate governance committees created in the aftermath of the arrest of former chairman Carlos Ghosn, pushed for Saikawa's departure at a board meeting that went on for several hours at Nissan Motor's Yokohama headquarters, the sources said.

  • Nissan China head, turnaround executive among top candidates for CEO - sources
    Reuters

    Nissan China head, turnaround executive among top candidates for CEO - sources

    SEATTLE/PARIS (Reuters) - The head of Nissan Motor Co's China business and an executive tasked with leading its revival have emerged as two of the top candidates to take over as the next CEO of the troubled Japanese automaker, four people familiar with the matter said. There is also a possibility that another candidate could still be successful, with temporary Chief Executive Yasuhiro Yamauchi seen as one possibility, according to two sources. The appointment of Nissan's next CEO in October will have vast implications for both the future of Japan's second-largest automaker and its strained alliance with top shareholder Renault SA .

  • Nissan China head, turnaround executive among top candidates for CEO: sources
    Reuters

    Nissan China head, turnaround executive among top candidates for CEO: sources

    SEATTLE/PARIS (Reuters) - The head of Nissan Motor Co's China business and an executive tasked with leading its revival have emerged as two of the top candidates to take over as the next CEO of the troubled Japanese automaker, four people familiar with the matter said. There is also a possibility that another candidate could still be successful, with temporary Chief Executive Yasuhiro Yamauchi seen as one possibility, according to two sources. The appointment of Nissan's next CEO in October will have vast implications for both the future of Japan's second-largest automaker and its strained alliance with top shareholder Renault SA .

  • The Electric Cars Are Here. Now How About Selling Them
    Bloomberg

    The Electric Cars Are Here. Now How About Selling Them

    (Bloomberg) -- It only took a decade for traditional automakers to take electric cars seriously and offer more than a smattering of test-the-water models.Now comes the hard part: Getting consumers to buy them.At Frankfurt’s 2019 car show, Volkswagen AG Chief Executive Officer Herbert Diess laid it on thick, calling on governments to give up coal-fired power as he unveiled the electric ID.3 car-for-the-masses. At the Mercedes-Benz stand, where the Daimler AG brand was showing the prototype of an electric S-Class sibling, real beech trees framed massive screens displaying schools of digital fish.The message to environmentally conscious consumers: we’re with you. But a marketing blitz alone won’t wash away the deep uncertainties facing electric cars -- obstacles little changed since carmakers’ initial forays with models like the Nissan Leaf and BMW AG i3. Customers don’t like paying up for new technology they’re unsure about, and they’re worried they won’t reliably get to where they want to go.“The next big thing is not going to be about the cars, because they will come,” Carlos Tavares, president of the European Automobile Manufacturers Association and CEO of Groupe PSA, said Wednesday. “The next big thing is about affordable mobility. The next big thing is about how we make this work for the biggest number of people.”So far, electric cars have only proliferated in countries with significant sweeteners. Once they go, sales of battery models crater. Demand in China, the world’s biggest electric car market, fell 16% in August -- its second straight decline -- after the government scaled back subsidies. Carmakers can reduce prices, but then only cut into profitability that in most cases has been nonexistent.Consumers are similarly sensitive elsewhere. Demand in Denmark collapsed when the government phased out tax breaks in 2016.“We’ve been talking about EVs for years, but this year the real production cars showed up,” Max Warburton, an analyst at Sanford C. Bernstein, wrote in a note. “Should we be celebrating these cars, given the poor margins that most will have?”Across Europe, sales of new plug-in hybrids and fully-electric cars last year made up 2% of total registrations. That’s a tiny market to tussle over for the likes of VW’s ID.3, with a price point below 30,000 euros ($33,009), Tesla Inc.’s Model 3 and Mercedes’s gleaming lineup of plug-ins. Yet carmakers have little choice but to boost their offering to keep pace with regulation, or face fines.Consumer demand “can’t be mandated,” Daimler CEO Ola Kallenius said at the show. Mercedes-Benz is adding at least 10 purely battery-powered cars through 2022 at a cost of more than 10 billion euros, starting with last year’s EQC SUV, so the carmaker’s lineup can to meet stricter emission limits.A lot of factors are moving in the right direction. The ID.3’s price point and basic range of 330 kilometers (205 miles) sets the car apart from previous efforts that needed meticulous pre-planning for longer trips. At the top end, there’s now the $185,000 Porsche Taycan Turbo S, and a mid-range that’s rapidly filling out from SUVs like the Jaguar I-Pace and Audi e-tron.Patchy charging infrastructure is improving too. Ionity, a consortium of Daimler, VW, Ford Motor Co., BMW and now Hyundai Motor Co., is on track to finish building a network of 400 European fast-charging stations by next year to make long-distance travel easier.Lean YearsFor carmakers, this will mean some lean years -- at least to 2025 when battery prices are expected to come down -- during which lucrative conventional SUVs must subsidize poor returns from their electric cousins. VW will need “patience” until the ID.3 brings significant profit “joy,” Chairman Hans Dieter Poetsch said.To bridge the gap, the industry is lobbying hard for governments to step up incentives to get to the oft-cited tipping point where driving without a combustion engine becomes normal. In Germany, home to VW, Mercedes and BMW as well as world-leading suppliers like Continental AG, the government sits down next week to discuss broad climate measures. Carmakers are hoping for a bigger slice of subsidies than they got so far.The ACEA on Wednesday called on national governments to boost charging points in Europe to 2.8 million by 2030, a 20-fold increase from 2018.“We need strong support, because if we don’t do it,” simply offering electric cars won’t be enough for sales to take off, PSA’s Tavares said.\--With assistance from Richard Weiss.To contact the reporters on this story: Oliver Sachgau in Munich at osachgau@bloomberg.net;Christoph Rauwald in Frankfurt at crauwald@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Recovery first: for next Nissan CEO, priority is profit before Renault partnership
    Reuters

    Recovery first: for next Nissan CEO, priority is profit before Renault partnership

    The next head of Nissan Motor Co will need to prioritise a recovery in profits at the troubled Japanese firm ahead of trying to fix its relationship with top shareholder Renault SA, executives and analysts say. Reviving earnings would strengthen the carmaker's hand in negotiations with its French partner, and is something Renault itself would welcome as the owner of a 43.4% stake in Nissan. Japan's second-largest automaker said on Monday CEO Hiroto Saikawa would step down on Sept. 16 after he admitted to being overpaid in breach of company rules.

  • Nissan Ousts CEO Over Pay Scandal as Turmoil Deepens
    Bloomberg

    Nissan Ousts CEO Over Pay Scandal as Turmoil Deepens

    (Bloomberg) -- Less than a year since the dramatic downfall of Carlos Ghosn, Nissan Motor Co. is losing another leader.Chief Executive Officer Hiroto Saikawa was asked by the board on Monday to step down by Sept. 16. He’ll be replaced by Chief Operating Officer Yasuhiro Yamauchi until a permanent replacement is named by the end of October.With Saikawa felled by a scandal over excess pay, the Japanese automaker finds itself in familiar territory, facing questions over its corporate governance and an uncertain future. In the months since Ghosn — the auto titan who ruled over Nissan for two decades — was arrested for allegedly under-reporting his own compensation and misappropriating funds, Nissan has struggled to bounce back.Under Saikawa’s reign, Nissan distanced itself from his larger-than-life predecessor, while earnings deteriorated and relations with top shareholder Renault SA soured to the point that a mega-merger with Fiat Chrysler Automobiles NV collapsed. Nissan’s next CEO will face the challenge of righting a ship in disarray at a crucial moment, with global automakers rushing to position themselves for the coming age of electric vehicles and robocars.Pressure on Saikawa intensified following reports last week that he and other Nissan executives were paid more than they were entitled, dealing a final blow to the under-siege CEO. Amid the fallout from losing Ghosn, a leader who loomed large over the company for a generation, Nissan has also been grappling with decade-low profits and job cuts as car sales slow around the world.“I should have clarified, ironed out everything and handed my baton over to a successor, but I couldn’t finish everything,” Saikawa said to reporters late Monday, dressed in his usual white shirt and jacket without a tie.“Nissan needed a leader with deft political skills who embodied a clean break with the Ghosn era. Saikawa wasn’t it.”\--Chris Bryant, Bloomberg Opinion columnistTo read the column, click hereThe Nissan lifer, 65, betrayed few emotions as he sat alone, taking questions after the board had finished explaining his departure. “I wanted to set things right and resign.”Ten CandidatesNissan shares rose as much as 3.3% on Tuesday, a day after the announcement.The board’s nomination committee will select the next CEO from a pool of about 10 candidates, said lead director Masakazu Toyoda. The prospects include non-Japanese, women and people from Renault, Nissan’s partner in a global auto-making alliance that also includes Mitsubishi Motors Corp.Renault and its largest investor, the French government, declined to comment on Saikawa’s resignation.An internal investigation by Nissan found Saikawa had been overpaid by 96.5 million yen ($901,000) via stock appreciation rights, or 47 million yen after tax. The probe also estimated that the sum of paid and unpaid amounts related to misconduct by Ghosn and Greg Kelly, a former senior executive who was arrested along with Nissan’s ex-chairman in November, is about 35 billion yen. Ghosn’s defense counsel responded with a statement calling Nissan’s position inconsistent, contradictory and incoherent, adding that Ghosn will continue to fight claims he believes are baseless.Nissan Overpaid Ghosn Whistle-Blower Hari Nada Along With CEOAlthough Saikawa’s leadership has come under scrutiny since Ghosn’s arrest, he was reappointed as CEO by Nissan’s shareholders earlier this year. In June, Saikawa said that he should be held responsible for the instability unleashed by Ghosn’s downfall and that he wanted the company to accelerate the search for his replacement.The issue over excess pay first came to light after Kelly accused Saikawa in a magazine interview of improperly receiving compensation. Nissan doesn’t consider the excess payment to have violated any laws, and Saikawa has denied he ordered the payments, saying the matter was mishandled by staff.It’s an ironic turn of events for Saikawa, who went from being Ghosn’s protege to the public face of the accusations against him. Nissan’s CEO appeared before the world’s media just hours after the former chairman’s Nov. 19 arrest to denounce his behavior, describing his “indignation” and “despair” at the conduct of his former boss.Like Saikawa now, some of the allegations against Ghosn related to pay. The former chairman is out of jail on bail and due to face trial in Tokyo next year on charges that he failed to disclose compensation from Nissan, passed on trading losses to the carmaker and redirected company money into his own accounts. Ghosn denies all the allegations.Rocky TenureSaikawa’s tenure as the CEO of one of Japan’s auto-making icons was marked by a series of missteps.Just months after he took charge in April, 2017, Saikawa was criticized for not having bowed enough when apologizing for having used un-certified workers to sign off on inspections of newly built cars. Calls for him to resign by Japanese media were amplified after he didn’t show up at a press conference to address the falsification of emissions data.The deterioration of Nissan’s business in the U.S. -- a source of tension between Ghosn and Saikawa before the chairman’s downfall -- has continued into this year. Saikawa has blamed Ghosn’s quest to grow market share in the U.S. at all costs, including by hiking incentives and boosting fleet sales.The deterioration in relations between Nissan and Renault since Ghosn’s arrest and an aborted merger with Fiat Chrysler also added to pressure. Long-held tensions between the two carmakers over control of their alliance broke into the open after Ghosn was arrested and worsened when Renault’s new chairman, Jean-Dominique Senard, pursued the Fiat deal without telling Nissan.French PressureSaikawa started at Nissan after graduating from the University of Tokyo in 1977. Much of his career was spent in the purchasing department, a critical function in any company but especially so for an automaker, since procurement can account for as much as two-thirds of the cost of sales.He served on the board of Renault, Nissan’s biggest shareholder, between 2006 and 2016. During that period the alliance came under pressure from the French state, which had increased its stake in Renault without informing Ghosn.Saikawa led Nissan’s negotiations with Renault and the French government in 2015 to address an imbalance that left the Japanese carmaker with no voting rights for its stake in the French carmaker. A crisis was averted after the French government pledged not to interfere in Nissan’s governance.Since Ghosn’s arrest and ouster as chairman, Saikawa has led a companywide overhaul of Nissan’s corporate governance, including by bringing in more outside directors. He continued to lead negotiations on re-balancing the capital ties with Renault before his resignation.Saikawa will remain a Nissan director despite his resignation, with a meeting of shareholders required to remove him from the board.(Updates with Saikawa remaining on board in last paragraph.)\--With assistance from Chester Dawson and Kae Inoue.To contact the reporters on this story: Ma Jie in Tokyo at jma124@bloomberg.net;Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Reed Stevenson, Craig TrudellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg

    Nissan, Ghosn and Japan's Legal Double Standards

    (Bloomberg Opinion) -- In Japan, is there one standard of justice for Japanese executives and another for non-Japanese executives? The forced resignation on Monday of Nissan Motor Co.’s chief executive officer, Hiroto Saikawa, certainly seems to suggest as much.When Nissan wanted to get rid of its then-chairman Carlos Ghosn, it conducted an internal investigation that was kept from Ghosn, found some examples of allegedly inflated compensation, sent the evidence to prosecutors — again without its chairman knowing — and patiently waited for a surprise arrest when Ghosn landed in Toyko last November.Ghosn then spent the next four months in a small jail cell, under dire conditions that were designed to break him and force a confession. “Hostage justice,” Ghosn criminal defense lawyer Takashi Takano calls it.Although Ghosn was released on bail in March, he remains essentially under house arrest. One of the conditions of his bail is that he is not allowed to communicate with his wife, Carole. “Ridiculous and inhumane,” fumed Takano in a conversation I had with him a few weeks ago. (In a statement issued Monday afternoon, Takano described Nissan’s allegations as “baseless,” and described the company’s actions against him as “their orchestrated coup.”)Now consider Saikawa’s situation.A fierce opponent of Ghosn’s plan to merge Nissan with its smaller alliance partner, Renault SA, Saikawa took charge once Ghosn landed in prison. He was, by most accounts, a terrible CEO, unable to heal the rift with Renault, while his tenure, as Bloomberg News put it, was “marked by a series of missteps.” (He skipped a news conference in which he was supposed to talk about the company’s falsification of emissions data, for instance.) He also failed to stem a steep profit decline: Earnings were down 94 percent in the quarter that ended in June. Over the last year, Nissan’s stock price has dropped nearly in half.Last week, the results of an internal investigation revealed that Saikawa had received compensation that was … well, whaddya know? … inflated. According to Bloomberg News, he was overpaid by $841,000 via stock appreciation rights. Three other executives were also overpaid — including, irony of ironies, Hari Nada, the former head of Nissan’s CEO office, who was the first to raise questions about Ghosn’s compensation.In response to all of that, did a whistle-blower inside Nissan launch a secret investigation? Did anyone turn over evidence to prosecutors? Were Saikawa and the others arrested, tossed in jail and interrogated endlessly? You know the answer to that: Of course not.Instead, the Nissan board unanimously voted to demand Saikawa’s resignation. That’s no doubt humiliating. But it’s not even remotely on par with what happened — and is still happening — to Ghosn.Who did blow the whistle on Saikawa? That would be Greg Kelly, Ghosn’s former deputy. Kelly and his family say Hari Nada lured Kelly back to Japan so that he too could be thrown in jail and charged with crimes related to Ghosn’s compensation. In June, Kelly gave an incendiary interview to a Japanese magazine in which he also said that Saikawa had signed off on Ghosn’s allegedly hidden compensation.I don’t have a problem with how Nissan handled the Saikawa scandal. A whistle-blower’s allegation led to an internal investigation — one that everyone in the company knew about — which in turn led to the CEO’s ouster. Saikawa has also promised to return his excess compensation. That seems like the right solution.The better question is: Why couldn’t Nissan have acted in the same manner in dealing with l’affaire Ghosn?Yes, it was more complicated in that Ghosn was also Renault’s CEO and the mastermind of an automotive alliance that included Mitsubishi. Surely, though, Nissan’s Japanese executives could have found another way to oust him without scheming to have him arrested. If, after they’d pushed him out, prosecutors felt he had committed crimes, then fine. Arrest him. And if that’s the right path, then do the same with Saikawa.Nissan said that in searching for a new CEO, the company will look at “non-Japanese, women and people from Renault,” according to Bloomberg News. But would any non-Japanese manager really be interested in taking the helm at Nissan given what happened to Ghosn? It’s a little hard to envision.An American I know with years of experience with a Japanese multinational told me once that the Japanese criminal justice system makes a distinction between two kinds of corporate crime. If the wrongdoing is part of an effort to help the company, the culprit will usually get off with a slap on the wrist. But if its purpose is to enrich oneself, the system comes down hard on the wrongdoer.Based on what we’ve seen with Nissan over these past months, I’d say there is another distinction the Japanese criminal justice system makes: Regardless of the severity or nature of a crime, if you’re a non-Japanese executive accused of wrongdoing you’re at risk of getting tossed into prison.To contact the author of this story: Joe Nocera at jnocera3@bloomberg.netTo contact the editor responsible for this story: Timothy L. O'Brien at tobrien46@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg

    Nissan Finally Breaks With the Carlos Ghosn Era

    (Bloomberg Opinion) -- The resignation of Hiroto Saikawa, chief executive of Nissan Motor Co. gives the embattled Japanese carmaker a much needed opportunity to clean decks and move on.Ever since the shock arrest of the company’s chairman Carlos Ghosn almost a year ago, the Japanese auto giant has been in permanent crisis mode and ties with its French alliance partner Renault SA have frayed. To steer it through that period Nissan needed a leader with deft political skills who embodied a clean break with the Ghosn era. Saikawa – a Ghosn appointee – wasn’t it.The report that Nissan published concurrently on Monday, detailing allegations of financial misconduct by Ghosn, makes for grim reading (Ghosn denies wrongdoing). Yet Saikawa could never distance himself fully from an era during which Nissan paid lip service to principles of good corporate governance.Revelations that Saikawa too was overpaid improperly were an unacceptable reminder of the allegations that led to Ghosn’s downfall, even if the amounts were smaller and Saikawa says he was unaware of the payments. He isn’t accused of misconduct.That the Nissan CEO seemed to revel in Ghosn’s ousting – so much so that it sparked claims of a palace coup – made it much harder to restore a basis of trust with Renault. In fairness, Renault didn’t help by pushing subsequently for a full-blown merger with Nissan that was unwanted by the Japanese, and then secretly discussed a tie-up with Italy’s Fiat Chrysler Automobiles NV.Meanwhile, Nissan’s recent financial performance under Saikawa has been nothing short of disastrous. Profit is in free fall, the company has lost ground in the vital U.S. market and it has been forced to slash production and jobs.His departure will spark hopes that Nissan can finally mend ties with Renault and do something about the destruction of shareholder value at both companies in recent months. In time perhaps the French side will be able to revive merger talks with Fiat; that deal has strategic and financial merit even if it remains dicey politically. Renault agreeing to cut its 43% Nissan stake might be a good place to start. Nissan holds only 15% of Renault, an imbalance that has fueled the tensions between them. First things first, though. Saikawa’s successor, whose identity Renault will have a say in, must put Nissan’s own house in order. That’s a sentiment Renault chairman Jean-Dominique Senard appears to share.At a time of unprecedented upheaval in the car industry, Nissan can’t afford to be distracted by in-house politics. If change at the top lets executives focus on the business of making and selling cars, so much the better.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Nissan, Sony Shut Plants After Typhoon Faxai Hits Tokyo
    Bloomberg

    Nissan, Sony Shut Plants After Typhoon Faxai Hits Tokyo

    (Bloomberg) -- Typhoon Faxai hit Japan on Monday, forcing closures at factories owned by Nissan Motor Co. and Sony Corp., and disrupting morning commutes for thousands of residents.The season’s 15th typhoon made landfall in Chiba prefecture early in the morning. Since then it has been downgraded to a Category 1 storm and was hovering near Iwaki in Fukushima prefecture, heading northeast at about 30 kilometers per hour as of 12:00 p.m. local time, according to the Japan Meteorological Agency.Nissan said it halted operations at its Oppama and Yokohama factories due to flooding, while Sony said its plant making PlayStation 4 gaming consoles were closed due to power outage. About 820,000 customers were left without electricity in Tokyo and its neighboring prefectures, according to Tokyo Electric Power Co.’s website.Cosmo Energy Holdings Co. shut two crude distillation units at its Chiba refinery, while NTT Docomo Inc. said earlier its mobile services were disrupted in parts of the Kanto region. While train services were gradually being restored, some Tokyo-area services at East Japan Railway Co. remained suspended, with other routes experiencing delays. ANA Holdings Inc. canceled 55 domestic flights. Japan Airlines Co. has said it halted 41 flights, affecting 11,350 passengers.More than a dozen people have been injured, according to local reports.(Adds Nissan, Sony shutting factories)\--With assistance from Aaron Clark, Sophie Jackman and Aya Takada.To contact the reporters on this story: Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net;Shoko Oda in Tokyo at soda13@bloomberg.netTo contact the editor responsible for this story: Kazunori Takada at ktakada17@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Nissan to discuss Saikawa resignation, CEO not 'clinging to his chair' - source
    Reuters

    Nissan to discuss Saikawa resignation, CEO not 'clinging to his chair' - source

    Nissan Motor Co's nominating committee will discuss Chief Executive Hiroto Saikawa's resignation and possible successors at a meeting on Monday, a source familiar with the matter told Reuters. Saikawa has expressed his desire to resign from the troubled automaker and is not "clinging to his chair", the source said, declining to be identified because the information has not been made public. The Nikkei newspaper earlier reported that Saikawa told reporters on Monday he wanted to "pass the baton" to the next generation as soon as possible.

  • Nissan to discuss Saikawa resignation, CEO not 'clinging to his chair': source
    Reuters

    Nissan to discuss Saikawa resignation, CEO not 'clinging to his chair': source

    Nissan Motor Co's nominating committee will discuss Chief Executive Hiroto Saikawa's resignation and possible successors at a meeting on Monday, a source familiar with the matter told Reuters. Saikawa has expressed his desire to resign from the troubled automaker and is not "clinging to his chair", the source said, declining to be identified because the information has not been made public. The Nikkei newspaper earlier reported that Saikawa told reporters on Monday he wanted to "pass the baton" to the next generation as soon as possible.

  • Nissan's Saikawa says he wants to 'pass the baton' as soon as possible - Nikkei
    Reuters

    Nissan's Saikawa says he wants to 'pass the baton' as soon as possible - Nikkei

    Nissan Chief Executive Hiroto Saikawa said he wanted to "pass the baton" to the next generation as soon as possible, the Nikkei newspaper reported on Monday, as speculation mounted he could announce his resignation from the troubled automaker. Saikawa made the comment to reporters early on Monday, the Nikkei said.

  • Nissan's Saikawa bows to pressure, to quit as CEO on September 16
    Reuters

    Nissan's Saikawa bows to pressure, to quit as CEO on September 16

    Nissan Motor Co CEO Hiroto Saikawa will resign on Sept. 16, the automaker said on Monday, bowing to pressure after he admitted to being improperly overpaid and marking further upheaval at a company battered by scandal and plunging profit. Saikawa, who admitted to the overpayment of around $440,000 last week, will be temporarily replaced by Chief Operating Officer Yasuhiro Yamauchi, with a permanent replacement expected by the end of October, Japan's second-largest automaker said. Saikawa, a protege of Ghosn, took over as Nissan CEO from his mentor in 2017, leaving Ghosn as chairman.

  • Reuters - UK Focus

    UPDATE 8-Nissan's Saikawa bows to pressure, to quit as CEO on Sept. 16

    Nissan Motor Co CEO Hiroto Saikawa will resign on Sept. 16, the automaker said on Monday, bowing to pressure after he admitted to being improperly overpaid and marking further upheaval at a company battered by scandal and plunging profit. Saikawa, who admitted to the overpayment of around $440,000 last week, will be temporarily replaced by Chief Operating Officer Yasuhiro Yamauchi, with a permanent replacement expected by the end of October, Japan's second-largest automaker said. Saikawa, a protege of Ghosn, took over as Nissan CEO from his mentor in 2017, leaving Ghosn as chairman.

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