AutoBeta(AutoBeta.net)09/08 Report--

An internal investigation by Nissan has found that Nissan CEO Hiroshi Nishikawa and other executives are suspected of receiving improper pay, which has raised concerns about corporate governance within the group, Reuters reported. Last year, former Nissan chairman Ghosn was arrested on suspicion of financial misconduct, and Nishikawa Hiroshi said he would improve corporate governance.

As for Nissan's investigation, Nishikawa Hiroshi also admitted that he had mistakenly received a stock-related salary. Hiroshi Nishikawa apologized for this and said he would refund the miscollected salary.

Nissan has suffered a series of changes in recent months. Former chairman Ghosn and Kelly have been arrested and investigated for financial problems. Nissan's chief performance officer and chairman of Nissan's management committee also confirmed his departure.

Today, according to relevant media reports, Nissan has begun to replace its CEO Hiroto Nishikawa. Nissan's board has drawn up a list of candidates and will recall the meeting next Monday to set a formal timetable for the process, and the company's nominating committee has been given specific tasks for succession planning, according to people familiar with the matter.

Nissan said that during its tenure at Nishikawa Hiroshi, Nissan faced increasing pressure due to plummeting profits, a series of scandals and a 36 per cent drop in share prices.

At the shareholders' meeting in June, Nissan alliance partner Renault won higher support after Nishikawa Hiroshi Nishikawa won re-election with 43% of the vote. Since he served as chief executive during Mr Ghosn's tenure as chairman and has long been seen as one of his closest allies, it is hard to argue that he has nothing to do with Mr Ghosn's alleged misconduct, according to people familiar with the matter.

Contact with Nishikawa Hiroshi removes obstacles to cooperation between Nissan and Renault and opens the door for Renault and Chrysler Uli Hepburn.

Nissan's possible leadership change comes as it presents to the board this week the results of a 10-month investigation into the finances of former chief executive Ghosn. Ghosn was arrested last November on financial misconduct charges. Relevant sources said that since the beginning of the investigation, the scope of the investigation has been expanding. In the process, this information has been passed on to Tokyo prosecutors, who are preparing for the trial, which is expected to begin early next year. Ghosn has always denied all the charges.

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