AutoBeta(AutoBeta.net)09/10 Report--

Nissan officially announced that Hiroshi Nishikawa, president and chief executive officer (CEO), will resign on September 16, with chief operating officer (COO) Yamauchi Yamauchi temporarily replacing him, and the official successor will confirm the final candidate by the end of October.

Nissan, which has been hit by financial scandals and falling profits, has also been investigated for overpay, which is the direct reason why Nissan was forced to resign. At the board meeting held on the 9th, the board of directors discussed and asked Hiroshi Nishikawa to resign from the company. Hiroshi Nishikawa accepted the request.

Through the company's internal investigation, Nishikawa Hiroshi is suspected of staggering the exercise day in May 2013, during which time the share price rose and received an extra $900000, further deepening Nissan's internal financial scandal.

According to a report released by Nissan on Monday, although Nissan's salary has not been adjusted, the company's executives have recalculated the amount of compensation received from the value-added rights and interests of Nissan Guangren's shares. These rights and interests have paid a fixed amount before, and they have also forged documents, which brings an appearance. That is, the value-added rights and interests of the shares in question are actually exercised one week after the actual exercise date. At current exchange rates, the change increased Nishikawa's salary by about 9.65 million yen ($900000) in 2013.

"although there is no illegality, we recognize that this is a serious problem in corporate governance," said Kang Kimura, an external director of Nissan. "

Hiroshi Nishikawa admitted to receiving an extra $900000 in salary and said he would refund the extra salary.

Mr. Nishikawa joined Nissan in 1977 until he was appointed chief executive in April 2017, after joining Ghosn as co-chief executive of Nissan since November 2016. Nissan launched an internal investigation into the arrest and dismissal of former chairman Ghosn last year for financial misconduct.

During the term of office of Nishikawa Guangren, the relationship between the company and its major shareholder, Renault, has been strained, the company's profits have also fallen sharply, and the share price has fallen 36%. A series of scandals that broke out in the past year have put the company in trouble.

At this board meeting, the results of the internal investigation of former Chairman Ghosn were also reported. Hiroshi Nishikawa believes that Ghosn's practice of increasing market share at all costs has undermined the company's profitability. Ghosn denied that the company was caught in a scandal because of financial misconduct. Nishikawa said: "I haven't apologized once for putting the company in this state." I hope I can feel remorse. "

Ghosn was ousted, Hiroshi Nishikawa resigned, in a sense Nissan internal struggle and governance issues came to an end.

Nissan's net profit fell 57.3 per cent to 319.1 billion yen in fiscal 2018, the lowest level in eight years, and Nissan's net profit fell 94.5 per cent year-on-year to 6.3 billion yen in the first quarter of 2019 (April to June). At the same time, Nissan officially announced that it would cut 12500 jobs worldwide by 2022 in order to reverse the decline of its business.

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