Nissan CEO Hiroto Saikawa attends a news conference to release first quarter earnings at the company headquarters in Yokohama on July 25. Photo: REUTERS file
business

Nissan to discuss Saikawa successor at meeting on Monday

35 Comments
By Maki Shiraki and Laurence Frost

Nissan Motor Co's nominating committee will discuss potential successors for Chief Executive Hiroto Saikawa at a meeting on Monday, after he privately signaled his readiness to resign, a source with knowledge of the matter said.

The resignation of Saikawa, a protege of former chairman Carlos Ghosn, would mark the latest upheaval over governance at the troubled Japanese automaker. The company has struggled to right itself following Ghosn's dramatic arrest and subsequent ouster last year.

It was swept up again in crisis when Saikawa last week admitted to being improperly overpaid and in violation of internal procedures. That admission followed an internal investigation.

Nissan's board is scheduled to meet on Monday. The company, and its relationship with top shareholder Renault SA, has been damaged following Ghosn's arrest for alleged financial misconduct in November and subsequent departure.

"The nominating committee will also meet today and discuss the selection of successor and the timing of the resignation," the source said, requesting anonymity because the information has not been made public. "Saikawa isn't at all clinging to his president's chair."

The timing of Saikawa's resignation was not immediately clear. He has told some executives of his intention to resign, the source said.

The chief executive earlier told reporters that he wanted to "pass the baton" to the next generation as soon as possible, the Nikkei newspaper reported.

Nissan was not immediately available to comment.

Pressure has mounted on Saikawa given the company's poor performance and strained ties with Renault. Profit has tumbled to an 11-year low and prompted hefty job cuts.

An alliance source told Reuters that a nominations committee established in June to find a successor to Saikawa had drawn up a shortlist containing more than 10 possible candidates.

Names included Jun Seki, who is overseeing the company's performance recovery, Chief Competitive Officer Yasuhiro Yamauchi, and Makoto Uchida, chairman of Nissan's management committee in China, one of its largest markets, said the alliance source, who also spoke on condition of anonymity.

The search and vetting process would likely take about six months as the committee considered both Japanese and non-Japanese candidates for the role, a third person with knowledge of the issue has previously told Reuters.

© (c) Copyright Thomson Reuters 2019.

©2019 GPlusMedia Inc.

35 Comments
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Lets try no CEO and see if there is any difference!

2 ( +11 / -9 )

How about a woman? Unfortunately he is part of a corrupt network in his company and should be in jail.

-2 ( +8 / -10 )

Looking forward to seeing Nissan stock price movement!

-6 ( +3 / -9 )

I didn’t think he was up for the job from the beginning. He’s just another Japanese patsy like all the ones before Ghosn that drove the company to near bankruptcy.

5 ( +14 / -9 )

How about a woman? Unfortunately he is part of a corrupt network in his company and should be in jail.

The 'highest' ranking woman Nissan exec would be Asako Hoshino, overseeing global marketing and sales and electric vehicle business. She chairs of the Management Committee for the Japan and Asia & Oceania regions. Why not?

-4 ( +5 / -9 )

" ...... by increasing doubts over his ability to steer the automaker to recovery ....."

What a surprise (not). The one who helped Nissan got fired and is under investigation.

The same should happen to Saikawa, because I'm sure, there is more!

-2 ( +7 / -9 )

You know what shocks me about Nissan CEO Saikawa?

He is not a stupid or dis-honourable man.

Hapless maybe, but Saikawa clearly does not understand Corporate leadership.

Blame otheras, does not guarantee a get out of jail free card .

-5 ( +7 / -12 )

Sweet delicious shadenfreude.

2 ( +11 / -9 )

Resign? He SHOULD be detained, arrested, and charged!

10 ( +20 / -10 )

The search and vetting process would likely take about six months as the committee considered both Japanese and non-Japanese candidates for the role,

Now what "non-Japanese" person would be dumb enough to accept the position?

6 ( +15 / -9 )

The search and vetting process would likely take about six months as the committee considered both Japanese and non-Japanese candidates for the role, another person with knowledge of the issue has told Reuters.

Non Japanese will never happen and if I am proven wrong which is unlikely, a yes man who is only interested in the paycheck will be selected, I don't see why, they are trying to rid or dilute foreign influence from the company. Remember the 12,500 job cuts are all foreign based.

-2 ( +7 / -9 )

This guy should get the same treatment that Gosh is getting.

Detain him for an extended period and don’t allow him to meet families and relatives as their “democratic system” says.

3 ( +12 / -9 )

It will be interesting to see if Renault will assert strong influence on who will be appointed next CEO. So far Saikawa has turned Nissan back into a significant liability for Renault. To protect future profits, Renault will need to insist on someone who can arrest Nissan’s plummet and take firm leadership of the firm. In other words, Renault needs another Carlos Ghosn. But we’ve seen how Japan reacts to foreign execs. This next appointment will determine the survival of the alliance.

-4 ( +5 / -9 )

Hah, ironic how Kelly's statement to the press is what caused Nissan to "notice" the illegal payoff and Saikawa was all like "uuh, yeah, we already know about that and I planned to give it back all along!" For some reason I guess the rest of the company and shareholders don't have much confidence anymore, and no doubt it gave Ghosn plenty of ammo for his trial to show off the double-standards present.

He dug his own grave and I'll look forward to him going out in disgrace and the man who ruined Nissan.

2 ( +11 / -9 )

Plans to resign, flee to a country with no extradition treaty to avoid Japanese prosecutors brutal treatment. I would. Last thing I need is answering for crimes real or imagined by prosecutors. Mostly imagined or if I was Japanese not answered for at all.

-9 ( +0 / -9 )

Smart guy he know he has to step down otherwise he will end up in jail. This move will help him to avoid and kind of punishment for what he did.

-10 ( +1 / -11 )

Breaks my crocodile heart. Now that he destroyed Nissan & Ghosn & a few others let's see where it all goes.

-4 ( +5 / -9 )

IMO, it would have been better for Ghosn had Saikawa stayed on. With Saikawa stepping down, he is admitting that his role deserves punishment, making it more difficult for Ghosn's team to use the fact that Saikawa also received money improperly.

-10 ( +0 / -10 )

Just do it!

-7 ( +2 / -9 )

Seems he was on the verge of being apprehended for his wrong dealings and opted to make Ghosn the fall guy by fabricating false allegations. A true licensed deceiver!  But he is not considered a criminal!

Read also...

https://asia.nikkei.com/Business/Nissan-Renault-alliance/Nissan-CEO-Saikawa-admits-to-receiving-inappropriate-bonus

-6 ( +3 / -9 )

Saikawa is disgrace to Japan.

As for Japans legal system, a disgrace to the civilised world.

-2 ( +7 / -9 )

They may also look for a 'suit' from Mitsubishi, or one of the other companies in the NIssan Hitachi group holdings. These 'keiretsu' or business conglomerates are heavily interlocked, and are known to support each other. A car expert may not be as important as a safe pair of hands to get over these financial issues and lack of corporate governance.

-10 ( +0 / -10 )

Hiroto Saikawa at a meeting on Monday, after he privately signaled his readiness to resign

The thing about Japanese companies is, foreigners being the exception, even if the company wants to get rid of you, they won’t fire you. They need you to “voluntarily” resign. He didn’t resign because he wanted to. He was asked to step down and he complied. Had he not complied, he would remain the CEO.

At least the next CEO can’t do worst. Comes in at the floor with nowhere to go but up in everyone’s eyes.

-9 ( +0 / -9 )

Saikawa did his part for Japan Inc. He’ll turn out just fine, I think.

Unfortunately, the national corporate culture that allowed this whole mess will still be in place. The cycle will continue.

-9 ( +0 / -9 )

At least the next CEO can’t do worst. Comes in at the floor with nowhere to go but up in everyone’s eyes.

Saikawa (and Japans judiciary) have created bottomless pit. I think there is still a long way yet for Nissan to fall. This one just won't go away.

-7 ( +2 / -9 )

IF this japanese man have shame and this saikawa family have shame & remorse & fear of god , he should quit with immediate effect. saikawa should have been detained under the japanese law.he should state clearly that he will not receive anything from nissan or give anybody any more pain.saikawa is a snake and being japanese , he should know what he had done.No Japanese have such thick skin , only him shameless.Pls resign with immediate effect.

-6 ( +3 / -9 )

How about we put Kitty chan in charge?  Likely do a batter job than this crooked clown.

-9 ( +0 / -9 )

IF this japanese man have shame and this saikawa family have shame & remorse & fear of god , he should quit with immediate effect. saikawa should have been detained under the japanese law.he should state clearly that he will not receive anything from nissan ......

If he was a man of honour he would turn himself in to the Japanese authorities.

Any money owed to him by Nissan should be given to China. (Was'nt it Nissan's parent company which manufactured poison gas to drop on China during WW2).

-10 ( +0 / -10 )

This man cheated, lied and destroyed many hard-working people along the way, the Japanese law & any other bodies sould have got rid of him long ago ???. Borned Japanese does not mean that with yr birth right, u can advised any foreigner badly and be the hero in the eyes of the public. People like me will not be cheat by yr cheap , shallow tactics. saikawa was too arrogant and Nissan and the Japanese gov't allowed him. But now is time this shallow greedy Japanese pay his price. if he has any decency left, he should be fired with immediate effect. saikawa had showed the world the worst of poor-minded, back stabbing Japanese co-workers who are always around waiting to attack a foreign boss, who had done a great job. Selfishness, inability and incompetent are the signs of such poor minded Japanese. quit now before every single good Japanese is put to shame because of yr bad bad example. Good people always get hurt from such likes of saikawa. Pls make the universal a better place to live without such people like saikawa immediately.

-7 ( +1 / -8 )

How come he gets a slap on the wrist and Ghosn gets the third degree?

1 ( +1 / -0 )

How come he gets a slap on the wrist and Ghosn gets the third degree?

Because he is Japanese, Ghosn is not.

1 ( +1 / -0 )

Improprierity by a Japanese Sacho is no problem and he can take his sweet time to decide whether and when to resign.

0 ( +0 / -0 )

Saikawa resigned.

https://www.cnn.com/2019/09/09/business/nissan-ceo-resigns-hiroto-saikawa/index.html

Nissan CEO resigns after admitting he was overpaid

0 ( +0 / -0 )

Resign? He SHOULD be detained, arrested, and charged!

.... and forbidden to contact his wife.

0 ( +0 / -0 )

Saikawa resigned.

Now it's Japanese law that is on trail. Let the world watch.

PS. Hope that nobody wishes Saikawa well, and hope that he have a very unhappy life from now on.

0 ( +0 / -0 )

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