business

Nissan chief Saikawa to step down Sept 16; successor to be named

55 Comments
By Yuri Kageyama

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55 Comments
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I expect he will be charged, mercilessly questioned banned from any human contact...oh wait his Japanese. Can't hold him accountable he did say he intended to pay his extra money's back.

24 ( +26 / -2 )

Good riddance!

11 ( +14 / -3 )

"It would have been better if I had been able to resolve everything first," 

Lol! Covered all your tracks first right? Now let's see what the police have in store, if anything.

Invalid csrf

6 ( +9 / -3 )

Good way to put an end to the scandals.  Saikawa finished his role of protecting Nissan from absorption by Renault that was the intention of the Japanese government. Release Ghosn soon and let him leave from Japan.

4 ( +9 / -5 )

I expect he will be charged, mercilessly questioned banned from any human contact...oh wait his Japanese. Can't hold him accountable he did say he intended to pay his extra money's back

You forgot to add that he also bowed deeply (not a run of the mill bow, mind you) and apologized.

Nissan is turning into the posterchild for how packing is the Japanese "justice" system and how Japan treats non-Japanese.

11 ( +15 / -4 )

I always knew he would go on his own terms. IMHO, he was/is instrumental in amassing evidence against Ghosn, Nissan board would be ever grateful to him (and others).

As for his guilt in this, it appears Greg Kelly is the architect behind the options illicit adjustment of maturity date, I am guessing the system was setup under Ghosn so executive can maximise remuneration without having to go through reporting process.

I believe Saikawa, in that he didn't know the dates were fudged, because most of the time, even in western companies, stock options are very long term stretching over years and the executive involved usually leave most of the decisions to the remuneration committee so as to avoid insider trading allegations. On top of this, the system would fall apart if every exec pucked their own dates, for obvious reasons. IMHO, Greg Kelly is also hanging out Ghosn to dry in revealing this system.

-18 ( +3 / -21 )

dubious income .......

4 ( +7 / -3 )

dubious income .......

I'd be interested in what he said in Japanese.

Yes sure, it's dubious to be calling your options at the very best possible times, but he said he didn't make the call, he didn't even know when the options were called. Greg Kelly daylighted the income to save himself, and everyone pretty much are unified in saying much of the compensation system was setup under Ghosn instructions.

-7 ( +4 / -11 )

As for his guilt in this, it appears Greg Kelly is the architect behind the options illicit adjustment of maturity date, I am guessing the system was setup under Ghosn so executive can maximise remuneration without having to go through reporting process.

Whats not reported is that Ghosn himself received an additional 140 million yen as opposed to Saikawa’s 47 million yen under Stock Appreciation Rights (SAR). Can’t say that this abuse in this in house bonus program violates the Financial Instruments and Exchange Act but if it is, there is another charge added to Ghosn.

People on this site give too much credit to Saikawa as if he was also complicit in engaging in this fraud when the reality is that he was a puppet with absolutely no skills, brains nor the character to lead a corporation. He was just smart enough to not get heavily involved with Kelly-Ghosn deals.

-10 ( +3 / -13 )

The old boy has fallen on his sword. Now if prosecutors genuinely wanted to get to the bottom of all the scandals and weren't just engaged in a targetted witch hunt against the foreign execs they would have Saikawa arrested and subjected to Japan's "hostage justice" system to milk him for info.

Never thought I'd be fighting the corner of a money grubbing fat cat like Ghosn but it's hard not to see the blatant racism and nationalistic protectionism in all this and understand that as a foreigner in Japan this could so easily be any of us in almost any situation.

One rule for the pure blooded locals. Another rule for the troublesome outsiders. Even if you're willing to accept the success and prosperity they brought you.

6 ( +9 / -3 )

"It would have been better if I had been able to resolve everything first," 

To think that he could resolve the disastrous mess he and his cohorts made is another sign that the guy was stubbornly out of touch with reality and needed to go.

Well Mr Saikawa, enjoy your legacy. You have become text book worthy. I’m sure you will manage though, as self reflection doesn’t seem to be one of your strong points. Go gently now into the night pouring sake and telling yourself you did the right thing, Good luck with that. Bye bye.

5 ( +8 / -3 )

Show what comes around goes around.

1 ( +3 / -2 )

He's resigning so he keeps his severance and pension perks. And what about his Nissan stocks, how does that work? Plus he won't have to deal with any of the mess he made, sounds like a good deal to me. They should start firing in Japan instead of letting scum like this resign and keep all their perks.

5 ( +7 / -2 )

Awww, see thats how we like to see things done. No responsibility, ride off into the sunset (other high income job)

No need for any police involvement of course...this stays internal and a quick resignation for the papers

7 ( +7 / -0 )

Saikawa San appears to be saying Ghosn and Kelly set up this Stock Appreciation Rights system of compensation. I didn't know a thing about it and they used it to steal a lot more money than I did, so spare me and let me return the extra cash. But deal ruthlessly with those gaijins. And the prosecutors appear to agree with him.

8 ( +10 / -2 )

Disloyalty come with a price, Hiroto Saikawa san , you hung Carlos Ghosn out to dry, his family too, that comes at a cos,t I cannot abide the ritual of bowing and everything goes away.

Saving face means you take responsibly for your failures. That means you acknowledge fully your Nissan culpability but that would reflect politically wouldn't it. You are a Coward! Sir

3 ( +5 / -2 )

Kobe White Bar Owner

Good riddance!

Exactly! what a scumbag

3 ( +4 / -1 )

Good riddance? The guy deserves the same treatment as Ghosn. It's like he can just walk away from what he did.

7 ( +8 / -1 )

"People on this site give too much credit to Saikawa as if he was also complicit in engaging in this fraud when the reality is that he was a puppet with absolutely no skills, brains nor the character to lead a corporation. He was just smart enough to not get heavily involved with Kelly-Ghosn deals."

No skills, brains, or character to lead a corporation. Not exactly a ringing endorsement of a guy who graduated from the University of Tokyo with a degree in economics. If Saikawa is typical of an economics graduate from Japan's top university, maybe Nissan's next CEO should be a foreigner or at least a Japanese person who completed her/his undergraduate education outside of Japan.

8 ( +9 / -1 )

after acknowledging that he had received dubious income

Dubious income? What a classic! He and other Nissan execs had been receiving bonuses and cash under false pretenses. That’s is not dubious at all. It is corporate fraud or embezzlement. How do these criminals continue to get away with it? This is Japan Inc!

6 ( +7 / -1 )

With such massive amounts of money being divvied up to senior management must mean extremely high profits at Nissan.

I will remember this the next time I buy a new car...

5 ( +5 / -0 )

We should expect Nissan to pick a Japanese candidate regardless of any aspirational foreigner seeking the job.

Japanese firms having japanese leaders strenghtens their unity against foreign competition, hence the Keiretsu-system. It will eventually lead to increased animosity against foreign firms and start-ups. It's funny how Japan advocates for a liberal free-trade world, when they're actually doing the opposite in the country. That is called hypocrisy.

0 ( +4 / -4 )

Never buy a new car, soon as you move it you loose at least 50% value. By a second hand one cheep. Nissan is in serious trouble for so many reasons. Secrecy a big issue, ie secret internal investigation handed to prosecutors who actually can't find much to prove, without a confession of course. Saikawa gave the prosecutors that secret report in exchange for immunity I'm guessing. Now as under his leadership company tanking it turns out that Tokyo university degree not so special. Probably would have trouble trouble holding down a job fitting doors on the production line.

8 ( +9 / -1 )

The next guy just needs to show up to outperform him!

4 ( +4 / -0 )

How ironic, he ended up creating this whole scandal because he was afraid that Ghosn would fire him and in the end the result is the same. However, instead of being quietly let go, probably with a fair package, and only known to people who follow Nissan's business news, the whole world is now focused on Nissan and can see this snake be forced out in disgrace. Quite an appropriate end for him.

5 ( +6 / -1 )

Whatever. He’s already got his future secured for sure. Next guy is probably already chosen. His penalty already decided. His kowtows well practiced. He got rid of Ghosn. Nissan for all its failings is firmly in Japanese hands. He’s a hero in the Japanese inner circle. He took the bullet. Let’s see Nissan’s next 5 years.

2 ( +4 / -2 )

Not exactly a ringing endorsement of a guy who graduated from the University of Tokyo with a degree in economics. If Saikawa is typical of an economics graduate from Japan's top university, maybe Nissan's next CEO should be a foreigner or at least a Japanese person who completed her/his undergraduate education outside of Japan.

Like I said, just smart enough to not get involved heavily with Kelly-Ghosn dealings while reaping some benefits.

-4 ( +0 / -4 )

Saikawa has not been charged.

duplicitous legal system. Ghosn lawyers can have him testify

5 ( +5 / -0 )

"Like I said, just smart enough to not get involved heavily with Kelly-Ghosn dealings while reaping some benefits."

Well, you also wrote above that Saikawa "was a puppet with absolutely no skills, brains nor the character to lead a corporation." Why suddenly omit and/or play down your own negative comments about the man? As far as many people are concerned, you described Saikawa perfectly and being "just smart enough" was not the part they had in mind.

2 ( +2 / -0 )

Good riddance? The guy deserves the same treatment as Ghosn. It's like he can just walk away from what he did.

fair enough. You're right, but at least he's leaving and not staying on to do more damage.

3 ( +3 / -0 )

Well, you also wrote above that Saikawa "was a puppet with absolutely no skills, brains nor the character to lead a corporation." Why suddenly omit and/or play down your own negative comments about the man? As far as many people are concerned, you described Saikawa perfectly and being "just smart enough" was not the part they had in mind.

Huh? My negative comments regarding Saikawa was his inability to ‘lead a corporation’. Somehow you assume that graduating from a prestigious university teaches the ability to do lead a corporation.

-2 ( +1 / -3 )

Saikawa was his inability to ‘lead a corporation’.

But, I would counter that all of the execs left he is the only one with international experience, and experience dealing with Mitsubishi and the French. Ghosn was successful because he had the ability to read tge French...I doubt any Japanese exec in the Nissan group could match Ghosn or his protoge - Saikawa.

If I was a shareholder, I'd be pushing for Nissan to not accept Saikawa's resignation until an outside candidate can be found for his replacement.

-5 ( +0 / -5 )

How ironic, he ended up creating this whole scandal because he was afraid that Ghosn would fire him and in the end the result is the same. However, instead of being quietly let go, probably with a fair package, and only known to people who follow Nissan's business news, the whole world is now focused on Nissan and can see this snake be forced out in disgrace. Quite an appropriate end for him.

yeah its interesting, he gave the prosecutors I assume, lots of damaging evidence against Ghosn but in return for his "cooperation" seems he is being sacrificed, albeit not directly from the courts, but something about the case now seems weird. something seems amiss; what is this case really about? Saikawa wanting the Gaijins out and no influence? confusing.

0 ( +0 / -0 )

Greed conquers all.

1 ( +1 / -0 )

"..... and blamed the system he said Ghosn had created at Nissan for the dubious payments."

What a jerk - blaming it on others. He should be investigated and charged if he committed any wrong-doing!

5 ( +5 / -0 )

 everyone pretty much are unified in saying much of the compensation system was setup under Ghosn instructions. so Ghosn set it up, Ghosn and Saikawa and maybe others profited from that system, yet Ghosn is the only one who went to jail over accusations he broke the law, yet Saikawa didnt!? Ignorance isnt an excuse in the eyes of the law

3 ( +3 / -0 )

Never buy a new car, soon as you move it you loose at least 50% value. By a second hand one cheap. 

agreed , owned over 30 cars since ive been in Japan, currently own 4 , never bought a new in my life, yet I

do own a 2yr old Nissan with 15,000km but only because I got it at about half new car price at auction.

1 ( +1 / -0 )

everyone pretty much are unified in saying much of the compensation system was setup under Ghosn instructions. so Ghosn set it up, Ghosn and Saikawa and maybe others profited from that system, yet Ghosn is the only one who went to jail over accusations he broke the law, yet Saikawa didnt!? Ignorance isnt an excuse in the eyes of the law

Nope. SAR is not a new concept but adjusting the dates unilaterally to the executives favor and withholding such info by Kelly and Ghosn was recently unveiled by the audit staff. But then again, this SAR is simply an internal bonus incentive program so I doubt if it violates any of the Financial Instruments and Exchange Act.

As to the internal audit report issued recently, it can be found on the Nissan website. What’s nice about this short summary report is that it highlights the misconducts of both Ghosn and Kelly (without indicating whether it fringes criminally).

So no. This isn’t about foreign execs getting the short end of the stick in Japan’s judicial system. This is about an arrogant foreigner whose ego got the best of him and convinced himself he was above the law.

-6 ( +0 / -6 )

Good riddance!

Saikawa should find a quite little hole somewhere in the Land of the Rising Rot, and spend the rest of his life there. (it should be a prison cell, but at least everybody can now see what sham Japanese law is).

As for Nissan, who cares. Let it rot along with Saikawa. Plenty of other cars to buy.

Now comes the most important issue. The way Ghosn (and his wife) are being treated. The ball is in Japan's court here.

Incidentally, where are all the Japan apologists. They have been very quite on this whole issue. In a curious way, I miss them, with their rather laughable excuses for every stupid thing Japan does.

6 ( +7 / -1 )

So no. This isn’t about foreign execs getting the short end of the stick in Japan’s judicial system. This is about an arrogant foreigner whose ego got the best of him and convinced himself he was above the law.

Oops, I spoke too soon. Is this a new generation of Japan apologist.

4 ( +4 / -0 )

Well said Ex_Res.

The local media and their mind won’t change about these matters but at least this faul passive injustice and unfairness toward NJ got a spotlight in front of the international and civilized community.

3 ( +3 / -0 )

Now comes the most important issue. The way Ghosn (and his wife) are being treated. The ball is in Japan's court here.

If In fact the abuse SAR, which is essentially an internal executive bonus program, somehow violates parts of the Financial Instruments and Exchange Act, it would be an added charge to both Ghosn and Kelly as well as indictments on Saikawa and other executives who had received this benefit. Heck. Ghosn got 140 million yen extra.

My guess is that you haven’t read nor comprehended the recently issued internal audit report. What Saikawa dubiously received can only be categorized as a minor footnote as compared to the actions that Ghosn and Kelly arrogantly conducted.

But fear not. The lawyers of Ghosn will no doubt mention your support comments to him. ‘The ex-pat populace supports Ghosn.’ I’m quite positive that when he is absolved, he will thank everyone of you for your support.

-3 ( +1 / -4 )

Mr Ghosn's supporters and sympathisers need fear not---he must be innocent, he says so himself!

-4 ( +0 / -4 )

Saikawa will not be punished for obvious reasons ( not legal reasons)

He is a Japanese, the others are gaijins.

He helped them get back control of Nissan from those gaijins.

In their eyes, he is a whistle blower a and a super nationalist.

He has confessed. Admitted his sins and apologized.

He has offered to return the money.

What he stole is a lot less than what those gaijins did.

Saikawa is a future hero. While Ghosn is credited for saving Nissan from bankruptcy in the 1990s, Saikawa will be credited in the future for saving Nissan from foreign takeover.

For these reasons the guy is not going to jail.

-1 ( +0 / -1 )

When the news about Ghosn came out, Nissan stock prices plummeted.

Saikawa is leaving now. Guess what - they're starting to go up!

Who do the stockholders want to have running the company?

2 ( +2 / -0 )

Hip hip hurrah, i will celebrate after 16th sept 2019. at least there are some Japanese people, out there that are still with sense of justice, fairness and good common sense. saikawa should be detained and put in the same conditions as carlos, after his resignation. saikawa must go to jail after trial. saikawa is one of the dirtiest japanese co-workers , Ⅰ have seen in Japan. he gave the idea to the foreign boss , co-acted with carlos until carlos is no more useful to him then saikawa back-stabbed carlos..............japan is suppose to be global and international minded. If japan wants to grow , excellent foreign brains with heart iare needed. Who do not know the basic fundamentals of business management ???. The most challenging part in business is to do a business with intergrity and good ways of personal communication with compassion and heart. Stole, saikawa did and knowingly too. That is the worst. I have no mercy for saikawa type of people. his termination should have came faster to save all the pain and bad international bad press. he stiil did not understand that the money alone is not the point. The pain, the lies and the misery saikawa had caused with his bad incompetent heartless attitudes are issues that he cannot pay back even with his life.Grow up saikawa, u are truly a nonsense person.

-1 ( +0 / -1 )

My guess is that you haven’t read nor comprehended the recently issued internal audit report. 

You guess wrong.

Incidentally, strange that it has not been reported on JT that Christina Murray resigned from Nissan a few days ago.

But fear not. The lawyers of Ghosn will no doubt mention your support comments to him. ‘The ex-pat populace supports Ghosn.’ I’m quite positive that when he is absolved, he will thank everyone of you for your support.

Thank all those who believe in justice, and rule of law. That is what the Japanese constitution is supposed to uphold.

2 ( +2 / -0 )

I specially like the part " saikawa took the bullet ", nobody takes the bullet if he had nothing to gain. Surely, U can be sure, I have seen many kinds of Japanese management in my 32 years of running a japanese company but this is the worst at nissan. saikawa will never become the hero, or with the elites in japanese circle ( no good japanese ant to even near him ) because the future of Japan will change for the better of the children. The ' got nissan away from the foreigners part '. japan always is foreign helped , that is why they could recover after the war .No good foreigners or divide Japanese and foreigners is possible anymore ???. Dividing will be .................................................That is the starting of the end of the future japan.

-1 ( +0 / -1 )

Interesting that not a single person commenting here has mentioned the fact that the whistle blower was a foreign national. Both Japanese and foreign accounts have repeatedly noted this fact.

https://finance.yahoo.com/news/nissan-overpaid-ghosn-whistle-blower-200000236.html

Those who see this as a Japanese vs gaijin thing have consistently ignored this as well as the fact that there have been Japanese busisnessmen and politicians who have spent far longer in pretrial detention than has Ghosn.

If anything, he has been getting somewhat lenient treatment as a foreign national.

I have never accepted the simplistic claim that Saikawa orchestrated the downfall of Ghosn. Saikawa was Ghosn's hand picked sock puppet. Any attack on Ghosn was bound to splatter back on Saikawa.

It is highly probable that the foreign whistle blower set the whole thing off with Saikawa forced to go along while trying to cover his backside.

-3 ( +1 / -4 )

Whatever anyone wants to say , the truth will come out in time. What is most unforgivable here is only 3 points

1 ). Hand picked by Carlos and still betrayed him and took the light towards himself ???。2). Stayed with Carlos and enjoyed with Carlos during the good times then betrayed Carlos up and trapped him. 3). Pretending to be the good person when he tried to take everything that belongs to Carlos ???. No, he deserve what he got, this is the correct ending. But this is only the beginning of the end, things should have been done better with no one getting hurt. Back stabbing and destorying people was what saikawa did. No excuse for this drama he deserve it due top his own selfishnesss, greed, money ego and incompetence. God , just could not let it be. For me , saikawa is unforgiveable.

3 ( +3 / -0 )

AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHHAHA!

NEXT...

0 ( +0 / -0 )

I just wish Mr. Saikawa's fate be an eye-opening, heartfelt and kind. As a Japanese, he stood to challenge nobody would dare to face. Nissan's corporate disease remains. He became a victim of hidden scheme unknown even to himself and to the next one whoever might be. I believe Mr. Ghosn became one too. Only a man with grit can ruin this corporate disease. I remember Gen. Douglas MacArthur words of Duty, Honor and Country. Mr. Saikawa have started defending just like when the General started and failed. May the good prevail!

-2 ( +0 / -2 )

If anything, he has been getting somewhat lenient treatment as a foreign national.

You can't be serious.

3 ( +3 / -0 )

Onward to the next chapter. What a series of events.

0 ( +0 / -0 )

Always said from day 1 hes a snake now lock him up treat him the same as you did Carlos....oh I forgot he Japanese and this is not a disgusting racist Country...

0 ( +0 / -0 )

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