See More on Facebook

Business

Ghosn ousted from last Nissan position

Ghosn is facing charges of misuse of company funds and tax evasion.


Written by

Updated: April 9, 2019

Nissan Motor Co.’s shareholders approved Monday by majority vote removing former Chairman Carlos Ghosn and his closest aide Greg Kelly, who was its representative director, from the company’s board.

It is the end, in both name and reality, of the almost 20-year “Ghosn regime,” which had lasted since the former chairman produced a V-shaped recovery of crisis-ridden Nissan in the late 1990s. The approval means that Ghosn will be removed from all the posts he held at the Japanese automaker.

At an extraordinary general shareholders’ meeting at a Tokyo hotel on Monday, leading French automaker Renault’s Chairman Jean-Dominique Senard, 66, was approved by majority vote to be appointed as a Nissan director. Renault is Nissan’s largest stockholder, owning 43.4 percent of Nissan shares.

At the beginning of the meeting, Nissan President and Chief Executive Officer Hiroto Saikawa said: “Today’s meeting is a big event for our company to set matters right. It’s a big milestone meeting and a step forward.”

Saikawa, 65, then said that Ghosn “spent our company’s budget for personal use” and “violated corporate ethics in such a way that he deserves to be dismissed.”

As for his own management responsibility, Saikawa said he has “a responsibility for what happened in the past,” but showed his intention to stay in his post: “Another of my responsibilities is to conduct governance reform and pave the way steadily for the next generation to take over this company. It’s not easy to fix the distortion [under the Ghosn regime] built over 20 years.”

In response, some shareholders made severe remarks demanding all the current management members take responsibility and resign.

Saikawa said the company would lodge a claim against Ghosn for causing damage to Nissan by spending corporate funds for his private purposes. He also said Nissan does “not intend to appoint a new chairman” after Ghosn.

At its ordinary shareholders’ meeting in June, Nissan will decide on transforming itself into a firm with a governance structure of nominating and other statutory committees that clearly separate business execution and oversight of management. The automaker will pick executives taking into account the lessons learned from the past, when all power was concentrated in Ghosn, causing a failure of corporate functions. Under the new corporate structure, the chairperson of the board will be chosen from among independent external directors, taking the initiative to supervise management. The meeting was made public via YouTube.

Ghosn was already dismissed as chairman of Nissan and Mitsubishi Motors Corp. in November last year, and he resigned as Renault’s chairman in January.

Meanwhile, Ghosn’s lawyer Junichiro Hironaka and his team are scheduled to hold a press conference on Tuesday in Tokyo. Video footage of Ghosn making an assertion before his fourth arrest will be presented at the conference.



Enjoyed this story? Share it.


The Japan News
About the Author: The Japan News is published by The Yomiuri Shimbun, which boasts the largest circulation in the world.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Business

India bans e-cigarettes

The decision has been met with criticism and charges of favouritism. The Union Cabinet’s move on Wednesday clearing an ordinance for banning production, import, distribution and sale of electronic cigarettes and proposing a jail term and fine for its violators evoked mixed reactions among a section of Delhi doctors and other stakeholders. The Centre’s decision was slammed by trade bodies and certain stakeholders related to e-cigarettes, who reportedly alleged that it was a “draconian” move taken hastily in the interest of the conventional cigarette industry. They also charged that the government was depriving people of a safer alternative to smoking. Dr Gyandeep Mangal, senior consultant in Respiratory Medicine, Sri Balaji Action Medical Institute, said, “We are glad with the ban on e-cigarettes by Union Cabinet as these are as harmful as regular cigarettes. It is true that e-cigarette doesn


By The Statesman
September 19, 2019

Business

Carrie Lam assures investors Hong Kong can rebound from protests

Written by the Associated Press as appearing in the Straits Times. Hong Kong Chief Executive Carrie Lam has told investors at a Belt and Road forum that the semi-autonomous Chinese territory can rebound from months of protests, despite no sign that the unrest will cool down. Mrs Lam voiced confidence at Wednesday’s (Sept 11) forum that rifts can be mended through government plans for dialogue and upholding the so-called “one country, two systems” policy that gives Hong Kong some freedoms not enjoyed on the mainland. She said Hong Kong’s “indomitable resilience” will see the city through the conflict. Mrs Lam’s promise last week to axe an extradition Bill that sparked demonstrations failed t


By The Straits Times
September 12, 2019

Business

Nissan board pushes out Saikawa after disclosure of improper compensation

The embattled company is facing major structural changes on the back of two scandals. Nissan Motor Co. announced Monday that President and Chief Executive Officer Hiroto Saikawa will resign, effective Sept. 16. The company’s board requested his resignation in the wake of a revelation that he had improperly received compensation, and he accepted the request. The automaker aims to choose a successor by the end of October. Meanwhile, Chief Operating Officer Yasuhiro Yamauchi will serve as acting CEO until then. “I have considered that my mission was to restore ties with Renault and improve earnings,” Saikawa said during a press conference Monday night at Nissan headquarters in Yokohama. “I have considered that if a successor system is established, I should start handing over my duties.” The successor will be chosen by the company’s nomination commi


By The Japan News
September 11, 2019

Business

B Grimm alots 38.5 billion Baht till 2022 in Asean

The company has earmarked the money for investment. B Grimm Power Plc has set aside more than Bt38.5 billion for investment in its power projects with the aim of achieving 5,000 megawatts by 2022, the company’s chief executive officer Preeyanart Soontornwata said after opening its largest solar farm electricity plant in Tay Ninh, Vietnam in last week. “We will focus on green energy such as solar, wind and hydropower in Thailand and others countries in Asia,” she said. The company is currently developing renewable energy in Thailand, Vietnam, Laos, Cambodia, South Korea, and the Philippines through 17 co-generation plants, 24 solar PVs, three hydro-power plants, one industrial waste-to-energy project, and a diesel generation with a total capacity of 2,896 megawatts. The company is looking to expand investment in Malaysia, Cambodia, South Korea, and the Philippines by f


By The Nation (Thailand)
September 10, 2019

Business

Mitsubishi Aircraft cleared for takeoff in N. America market

It will be the first indigenous mass produced aircraft from Japan in decades. Mitsubishi Aircraft Corp. announced last week that it had signed a memorandum of understanding with Mesa Airlines Inc. of the United States to supply 100 of its Mitsubishi SpaceJet regional aircraft — a major step for expanding its struggling business into North America, the world’s largest market. Industry observers are keenly watching to see if sales of the Mitsubishi SpaceJet can prvide as momentum for Mitsubishi Aircraft to escape its current strife. The SpaceJet, Japan’s first domestically produced passenger jet formerly known as Mitsubishi Regional Jet, has a capacity of about 70 seats, and meets growing demand in the United States for smaller aircraft. If the order is formally decided, it will be the first deal for the manufacturer in about three years. With a price tag of a


By The Japan News
September 10, 2019

Business

China says Canada solely responsible for difficulties in relations

The heiress to the Huawei fortune has been arrested in Canada, while China has arrested several Canadians. China-Canada relations have met serious difficulties, and the Canadian side is solely responsible for this, a Chinese Foreign Ministry spokesperson said Thursday. Geng Shuang made the comment at a press briefing when asked about Canadian Prime Minister Justin Trudeau’s remarks that the Canadian government would not “back down” in disputes with China. Urging the Canadian side to reflect upon its mistakes, Geng said Canada should treat China’s solemn position and concerns seriously and immediately release Meng Wanzhou, the chief financial officer of Huawei. Geng also criticized Canada’s series of wrong comments on Hong Kong, saying that Hong Kong affairs are China’s internal affairs and brook no interference from any country, organization or individual.


By China Daily
August 23, 2019