Nissan CEO Hiroto Saikawa Photo: REUTERS file
business

Nissan not currently considering asking CEO Saikawa to resign

44 Comments

Nissan Motor Co is not currently considering asking embattled CEO Hiroto Saikawa to resign, two people with knowledge of the matter told Reuters on Friday, a day after he admitted to being overpaid in violation of internal procedures.

An internal investigation found that Saikawa and other executives had received improper compensation, Reuters reported on Thursday, raising doubts about Saikawa's pledge to improve governance in the wake of former Chairman Carlos Ghosn's arrest last year for alleged financial misconduct.

"It's not going to happen. I don't think it will," one of the sources said when asked if Saikawa could resign to take responsibility for the alleged misconduct.

"There's no illegality," the source said, declining to be identified because the information has not been made public.

Nissan was not immediately available to comment.

Saikawa apologised on Thursday and vowed to return any improperly paid funds as he admitted to Japanese reporters that he had wrongly received stock-related compensation under "a scheme of the Ghosn era".

The improper payments, including tens of millions of yen Saikawa received through a stock appreciation rights scheme, were disclosed on Wednesday at a meeting of Nissan's audit committee, Reuters previously reported.

Nissan's board, which is due to meet on Monday, is expected to discuss potential disciplinary action.

© (c) Copyright Thomson Reuters 2019.

©2019 GPlusMedia Inc.

44 Comments
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Just look at that guilty face. Fire him already!

9 ( +12 / -3 )

It would do them a world of wonders if they did. Image is everything.

11 ( +11 / -0 )

And the prosecutors are not going to arrest him....? Ahh, it is not criminal in his case. just improper, and "a scheme of the Ghosn era". Said with a straight face.

15 ( +18 / -3 )

It would be like asking a member of a crime syndicate to take all the blame... But these seasoned samurai's ain't falling unto their own swords. Not by themselves, fair citizens, no. Join the "Clean Society for Samurai-Sword Impalement" today. Before your children have to start one.

2 ( +9 / -7 )

"There's no illegality," the source said, declining to be identified because the information has not been made public.

Not public? Guess this "source" thinks the sheeples aren't paying attention here!

6 ( +9 / -3 )

It would be like asking a member of a crime syndicate to take all the blame... But these seasoned samurai's ain't falling unto their own swords. Not by themselves, fair citizens, no. Join the "Clean Society for Samurai-Sword Impalement" today. Before your children have to start one.

These "executives" are far from being "samurai". In fact, calling them such gives the "true" samurai a black-eye/bad name!

Honesty, and integrity were two of the backbones of what a samurai was supposed to be, and these men have neither!

13 ( +14 / -1 )

The improper payments, including tens of millions of yen Saikawa received through a stock appreciation rights scheme, were disclosed on Wednesday at a meeting of Nissan's audit committee, Reuters previously reported.

Saikawa apologised on Thursday

So for Japanese execs no matter what all you need just bow and everything will be fine.

13 ( +15 / -2 )

Blaiming Ghosn again for this, just like he signed documents without reading them, the guy is not fit to be CEO

17 ( +19 / -2 )

Even when found guilty himself, he managed to throw shade on Ghosn!

"a scheme of the Ghosn era".

This guy really has hutzpah!

15 ( +17 / -2 )

He just won Ghosn case for him. All Ghosn has to claim is that it wasn't "financial misconduct". I was "overpaid".

16 ( +18 / -2 )

This whole incident just gets more bizarre by the day, waiting for the "New" prosecutor to explain how Ghosan gets his life upturned and how Saikawa get off. He did sign off on payments even to himself yet avoids prosecutors. What a bizarre justice system, as a foreigner flee because as a Japanese you can probably kill with impuritie when as a foreigner breaking a lamp will land you in jail indefinitely.

9 ( +11 / -2 )

He should have already been arrested. He's probably tampering with the evidence...

10 ( +12 / -2 )

All CEOs involved with wrongdoings they have done should resign.

8 ( +9 / -1 )

Well, now, isn't that a big surprise?

Message received loud and clear - any foreign executive wanting to work with Japanese corporations will be tarred and feathered when the malfeasance of the Old Boys' Club come to light.

Not of pure blood? You don't belong on the board.

9 ( +11 / -2 )

It would do them a world of wonders if they did. Image is everything

I would boycott Nissan but I am driving one now and it has been a darn good car.

3 ( +5 / -2 )

So much for accountability. What’s good for the goose is good for the gander

8 ( +10 / -2 )

Nissan not currently considering asking CEO Saikawa to resign

surprise surprise

6 ( +10 / -4 )

Saikawa apologised on Thursday and vowed to return any improperly paid funds as he admitted to Japanese reporters that he had wrongly received stock-related compensation under "a scheme of the Ghosn era".

Complete theater.

Striking that false humility, "who me?" pose so many Japanese do,

to render themselves blameless.

If anything, this is bonafide proof that his behavior is equal to

the charge that Ghosn has been only accused of.

9 ( +11 / -2 )

I would boycott Nissan but I am driving one now and it has been a darn good car.

Yeah they generally are very good cars. I agree with you. But if I'm going to buy a new car it won't be Nissan for the time being. The hypocrisy at the top has killed the company for me and more than a few friends.

13 ( +14 / -1 )

Why would any business or company publicly deny or suggest asking CEO Saikawa to resign if his position is not untenable?

Walk the plank or we will launch you off the end Captain Bligh or is that Fletcher Christian who can corporately tell the differnce ....It could certainly suggest Hiroto Saikawa days are numbered.

4 ( +5 / -1 )

What a guy... this Saikawa. He kept his mouth shut when his pockets were being filled. Another article even reported that he waited a week to sell some shares to get a higher price. Now, suddenly it's a "Ghosn" thing. Wow. It was a set up. Nissan should have just had a chat with Ghosn internally, no need to get police involved. Bet they regret it now with the whole company name and sales in the mud and a potentially oncoming "plastic glove" internal cavity search of the company's financials. They think Ghosn took a lot of money? And how much value in the stock market have they lost because of this. 924 yen Apr.1, 2019 dropped to 674 yen now. lol. Goodo Jobbu.

14 ( +16 / -2 )

This hurts Japan's case in the social court and opens up Nissan to be sued by Ghrosn.

11 ( +13 / -2 )

This makes the Japanese justice system and Nissan look like a bunch of hypocrites around the world.

11 ( +14 / -3 )

Scaredy cat cowardly custard shareholders.

4 ( +7 / -3 )

double standards

5 ( +8 / -3 )

For Japanese executives at Japanese companies, this is business as usual. So nothing to see here, as far as the Japanese public is concerned.

4 ( +7 / -3 )

If I were a shareholder and hear that Nissan isn't considering removing Saikawa after the numerous questionable incidents associated with him, I would have doubts about whether the company has any idea how to right the ship. Time to start dumping the stocks before they sink even further

5 ( +7 / -2 )

give the guy a break, he looks like a fish out of water...

1 ( +4 / -3 )

Well, he is not a foreigner and has been in the service of Japan Inc. for long. As a Japanese, he made good use of the foreigner till them point he was useful and then got rid of him. Just what a patriotic Japanese person should do. And to pull this off, he had to get his hands a bit dirty; surely he can't be punished for that, can he?

-1 ( +5 / -6 )

It's not going to happen. I don't think it will," Well that is encouraging, I don't think it will?

That is the foot at the end of the plank about to launch him into the blue yonder, or deep and smelly

0 ( +3 / -3 )

Japanese companies has an unwritten rule of primarily having Japanese CEOs and managers. And we must not forget the foreign hostile business model, Keiretsu. A wonderful model if you're into Japanese companies, but really damaging for foreign companies.

Carlos Ghosn was a miracle man for Nissan, but they "pushed" him off the cliff, like earlier asked in a JapanToday-poll. They pushed Ghosn off, while warning Saikawa of the dangerous cliff, even though he knew about the misconducts of Carlos Ghosn.

Nissan's handling of Carlos Ghosn, while still holding on to Saikawa is the Japanese way of doing business in a nutshell, kicking out foreign prospectors while holding onto their own. Japan's economy is the modern version of "Sakoku".

9 ( +12 / -3 )

The beginning of the fall. As expected. Good riddance. Absolutely no empathy.

0 ( +4 / -4 )

So does Carlos go free now? ;-)

2 ( +4 / -2 )

Like most Japanese reporting, missing from this article is a side-by-side comparison. It's hard to trust a system that does reporting this way and doesn't even attempt to ask why the Japanese judicial system isn't getting involved let alone do their own investigative reporting.

Carlos Ghosn arrested and fired after an internal probe found he underreported his salary and for other financial violations, including the personal use of company assets, the firm and Japanese state media said. A whistleblower report found he falsified reports over many years. The investigation showed that over many years he has been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of his compensation. (Ghosn's situation early on)

0 ( +2 / -2 )

Surprise, surprise. Not a foreigner, so keep the corruption in.

2 ( +5 / -3 )

.

I think 'they' got him by the b@lzz.

Keeping him tied to the post so he'll disclose all .

If he left the company on his own , that would seal his fate.

His pay is cut, but they are keeping him on to turn evidence.

.

.

-1 ( +0 / -1 )

Like most Japanese reporting, missing from this article is a side-by-side comparison. It's hard to trust a system that does reporting this way and doesn't even attempt to ask why the Japanese judicial system isn't getting involved let alone do their own investigative reporting.

If you are expecting a thorough analystic, investigative journalism from the mainstream media that would never happen. You are talking of a media that hadn't the balls to show Johnny Kitagawa's picture while he was alive let alone an in depth reporting of graft by politicians of the ruling party.

They spend hours analyzing and reporting a scandal of a politician in SK while that of their own politician is just mention in passing in the news.

I can understand in some countries the media cannot freely report for fear of reprisal from the government which is not the case in Japan yet the mainstream media is practicing self censorship and restraint.

1 ( +2 / -1 )

As if Saikawa didn't notice extra money in his bank account. He needs to go. Those guys know exactly how much money they are paid because that's what they're working for, right?

2 ( +4 / -2 )

Interesting whether Nissan shareholders who I guess are predominantly Japanese will put making gains in their investment and voting Saikawa out or reward him for ridding or watering foreign influence in the company by giving him a vote of confidence even as the value of their stocks fall.

1 ( +1 / -0 )

nissan has many things to hide from the public that is why they cannot fire saikawa ???.or saikawa has the keys to other top japanese executives in nissan that has many unlawful secrets to hide ???. or nissan has no more human resources that can make nissan better ???.whatever the real reasons are , things are nissan are absolutely not correct, lawful & with good fair ways of reporting to the public. It is time Nissan wake up, people like saikawa are plentiful, come on what are the dirty secrets ???. the public need a clear answer before, all people boycott yr products which will happen around the world if human right activists start their joint protests.

-2 ( +1 / -3 )

FT reports that "Nissan begins search for new chief executive":

https://www.ft.com/content/f42e3d50-d160-11e9-8367-807ebd53ab77

-1 ( +0 / -1 )

He is a brave leader.  He should stay.

-2 ( +0 / -2 )

He is a brave leader. He should stay.

He is a coward. He should go.

1 ( +1 / -0 )

Should he not be in detention center, investigated, and indicted just like Mr. Ghosn and Mr. Kelley? I’m tired of him saying that “he did not know” when anything happens. As a top level executive, it was his business to know. If he is so ignorant, he should be stripped of the CEO title!

1 ( +1 / -0 )

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