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February 2017: Nissan Group
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William Maley, in Sales Figure Ticker
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By William Maley
Carlos Ghosn has been sitting in a Japanese jail cell since mid-November on charges financial violations, including under-reporting compensation. It is unclear what awaits him in the coming months, but he believes that his downfall is due the result of "plot and treason" by Nissan executives opposed to plans of a merger between Nissan and Renault.
Today, the Nikkei Asian Review published an exclusive interview with Ghosn from the detention center he is currently being held at. This is quite surprising as Ghosn has been "barred from meeting with his family or Nissan employees".
During the short interview (about 20 minutes), Ghosn dismissed various accusations ranging from his 19-year reign at Nissan being a "dictatorship," to the numerous financial charges he is currently facing. One of those charges deals with $14.7 million in payments to a company run by Saudi businessman Khaled al-Juffali. Ghosn said "the executive in charge of the region signed [the approval]," and the funds came from Ghosn's "CEO reserve," a pot of money that he was free to decide how to spend.
"[Have I] done [something] inappropriate? I am not a lawyer, I don't know the interpretation of [such] facts," Ghosn said.
"These are known by everybody, why didn't they tell me?"
Ghosn also talked about the plans for the deeper integration of Nissan, Renault, and Mitsubishi. The plan was to have the three closely integrated to ensure "autonomy under one holding company." Ghosn also revealed that he wanted to have Mitsubishi Motors CEO Osamu Masuko in the talks about the integration, but Nissan CEO Hiroto Saikawa wanted to keep the talks "one-on-one". Allies of Ghosn believed some Nissan executives were worried that Ghosn's power could increase under the integration, prompting them to work with Tokyo prosecutors.
A Nissan spokesman told Bloomberg that Saikawa previously refuted the notion of a coup.
“Nissan’s investigation uncovered substantial and convincing evidence of misconduct,” the company said in a statement.
Source: Nikkei Asian Review, Bloomberg
View full article
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By William Maley
Carlos Ghosn has been sitting in a Japanese jail cell since mid-November on charges financial violations, including under-reporting compensation. It is unclear what awaits him in the coming months, but he believes that his downfall is due the result of "plot and treason" by Nissan executives opposed to plans of a merger between Nissan and Renault.
Today, the Nikkei Asian Review published an exclusive interview with Ghosn from the detention center he is currently being held at. This is quite surprising as Ghosn has been "barred from meeting with his family or Nissan employees".
During the short interview (about 20 minutes), Ghosn dismissed various accusations ranging from his 19-year reign at Nissan being a "dictatorship," to the numerous financial charges he is currently facing. One of those charges deals with $14.7 million in payments to a company run by Saudi businessman Khaled al-Juffali. Ghosn said "the executive in charge of the region signed [the approval]," and the funds came from Ghosn's "CEO reserve," a pot of money that he was free to decide how to spend.
"[Have I] done [something] inappropriate? I am not a lawyer, I don't know the interpretation of [such] facts," Ghosn said.
"These are known by everybody, why didn't they tell me?"
Ghosn also talked about the plans for the deeper integration of Nissan, Renault, and Mitsubishi. The plan was to have the three closely integrated to ensure "autonomy under one holding company." Ghosn also revealed that he wanted to have Mitsubishi Motors CEO Osamu Masuko in the talks about the integration, but Nissan CEO Hiroto Saikawa wanted to keep the talks "one-on-one". Allies of Ghosn believed some Nissan executives were worried that Ghosn's power could increase under the integration, prompting them to work with Tokyo prosecutors.
A Nissan spokesman told Bloomberg that Saikawa previously refuted the notion of a coup.
“Nissan’s investigation uncovered substantial and convincing evidence of misconduct,” the company said in a statement.
Source: Nikkei Asian Review, Bloomberg
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By William Maley
Saying he wants to give a fresh start for the Nissan-Renault alliance, Nissan CEO Hiroto Saikawa has announced that he'll be stepping down as CEO in the coming months. In the meantime, Saikawa will be focusing on "reforming the poor governance" that weakened the Japanese automaker before leaving.
Saikawa has been leading the charge of ousting former Nissan Chairman and CEO Carlos Ghosn, a bit surprising since Saikawa was a protege of Ghosn. As we reported a month ago in the rumorpile , the relationship between Saikawa and Ghosn has been strained due to the two clashing on various issues. There was talk about Ghosn ousting Saikawa during a board meeting in November, but that would not happen as Ghosn would be arrested before it.
Saikawa's reign as Nissan CEO has been problematic with a number of vehicles being recalled in Japan due to improper inspections and declining sales in the U.S.
Source: Bloomberg
View full article
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By William Maley
Saying he wants to give a fresh start for the Nissan-Renault alliance, Nissan CEO Hiroto Saikawa has announced that he'll be stepping down as CEO in the coming months. In the meantime, Saikawa will be focusing on "reforming the poor governance" that weakened the Japanese automaker before leaving.
Saikawa has been leading the charge of ousting former Nissan Chairman and CEO Carlos Ghosn, a bit surprising since Saikawa was a protege of Ghosn. As we reported a month ago in the rumorpile , the relationship between Saikawa and Ghosn has been strained due to the two clashing on various issues. There was talk about Ghosn ousting Saikawa during a board meeting in November, but that would not happen as Ghosn would be arrested before it.
Saikawa's reign as Nissan CEO has been problematic with a number of vehicles being recalled in Japan due to improper inspections and declining sales in the U.S.
Source: Bloomberg
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By William Maley
"Since the arrest former Nissan chairman Carlos Ghosn last month, various reports have come out revealing the strained relationship between Nissan and its alliance partner, Renault. It has also brought up questions as to whether or not Nissan decided to 'push' Ghosn out by using the misuse of corporate assets as the reason. A new report from The Wall Street Journal is only stoking those fires.
Sources tell the paper that Ghosn was planning to "shake up the senior management ranks at Nissan" and told some executives that he was planning on replacing current Nissan CEO Hiroto Saikawa - his hand-picked successor. While Ghosn supported Saikawa in public, the two would clash over various problems the company was facing. This included,
Problems with inspections done on JDM vehicles, prompting recalls of more than a million vehicles Declining sales in the U.S. According to one source, Ghosn wanted to oust Saikawa and planned to put it to a vote at a board meeting in November. But that would not happen as Ghosn would be arrested in early on in the month. The board would oust Ghosn at a meeting later on in the month.
Some believed that Saikawa wasn't in danger. A source familiar with the relationship between the two said "their differences hadn’t reached a point where Mr. Ghosn would have contemplated removing Mr. Saikawa."
Still, Saikawa's reputation is taking quite the hit. The Nikkei has learned that Saikawa had signed various documents that "spelled out payments to Ghosn after his retirement as a consultant and for agreeing not to work for or join the board of any competitor." These documents are being used as evidence to show that Ghosn deferring payments of current salaries that were not reported. While prosecutors don't believe Saikawa knew about this, his position as CEO may be questioned "for missing the opportunity to catch the improprieties."
Source: The Wall Street Journal (Subscription Required), Nikkei Asian Review (Subscription Required)
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