Nissan CEO Hiroto Saikawa resigns

Nissan Motor Co CEO Hiroto Saikawa's brief tenure has been characterised by strains with top shareholder Renault and tumbling profits

Saikawa's expected resignation, reported on Sunday in the Nikkei daily business newspaper, comes as the company attempts to cope with the fallout from the arrest previous year of its former chairman Carlos Ghosn over allegations of financial misconduct.

Chief Executive Officer Hiroto Saikawa was asked by the board on Monday to step down by September 16.

The current chief operating officer, Yasuhiro Yamauchi, will take over as acting CEO on September 16, when Saikawa officially leaves.

The chief executive of Nissan, Hiroto Saikawa, has said he will resign, Japanese media reports have said, after he admitted being improperly overpaid in the latest upheaval to hit the Japanese vehicle maker.

Saikawa also said he would return the improper compensation, which although not illegal, was deemed to be in violation of internal company rules.

The Ghosn scandal has proved disastrous for Nissan, which in July announced that net profit plunged almost 95 percent in the April-June quarter, and confirmed it would cut 12,500 jobs worldwide.

The Ghosn scandal has proved disastrous for Nissan, which in July announced that net profit plunged almost 95 percent in the April-June quarter, and confirmed it would cut 12,500 jobs worldwide.

Kelly said the CEO received around 47 million yen more than he was entitled to through an equity-linked remuneration program in 2013.

Calls for Saikawa's resignation, which arose after the arrest a year ago of his predecessor Carlos Ghosn on various financial misconduct allegations, have grown louder since Saikawa acknowledged last week that he had received dubious payments. 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 company has struggled to right itself following Ghosn's dramatic arrest and subsequent ouster previous year.

In June, Saikawa said that he should be held responsible for the instability unleashed by Ghosn's downfall and that he wanted the company to accelerate the search for his replacement.

They also approved the election of 11 directors as the firm restructures, among them two Renault executives as well as Saikawa. "It turned a blind eye to Saikawa and only went after Ghosn".

Ghosn has been charged with falsifying documents on deferred compensation which he had not received. He has accused Nissan executives of conspiring to have him arrested over unfounded fears about his plans for a closer alliance between the Japanese carmaker and alliance partner Renault.

The carmaker is now undergoing an overhaul meant to strengthen governance after the Ghosn scandal.

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