Nissan CEO to step down
Known for his critical attitude towards Alliance partner Renault and his former boss, Carlos Ghosn, Nissan CEO Hiroto Saikawa has decided to step down amidst allegations regarding his compensation package. Saikawa is said to have tweaked the terms of his performance-based bonus.
Saikawa became President and CEO in April 2017 and his position has been questioned by the Nissan organisation since; the group’s performance continued to aggravate during his reign and his approval rating among the shareholders was at a record low. When it was revealed that Saikawa would have received improper compensation under the stock appreciation rights scheme, his reputation worsened, leading up to his departure from the company.
Nissan has already started the search for Saikawa’s replacement in July, aiming to start turning around the company’s poor performance: the 2nd quarter reports a 99% loss in operating profit YoY and overall, 12,500 employees will lose their jobs by 2023.