8chan/8kun QResearch Posts (23)
#7612619 at 2019-12-24 23:31:53 (UTC+1)
Q Research General #9739: Merry Christmas To All US Service Members Edition
Nissan Exec in Charge of Turnaround Departs After Two Weeks on the Job
Jun Seki is a 30-year veteran of Nissan, but he's bailing on the vice-COO position after just a fortnight.
When someone takes a job and then totally bails on it two weeks later, it can mean at least one of a few things. If the job involves delivering pizzas or working a cash register, then it likely means that said employee is a lazy teen. If that job is something more involved, like say, Vice-Chief Operating Officer for a large Japanese carmaker, then it says something else entirely.
Unfortunately for Nissan, it's going through the latter of those two scenarios right now as Jun Seki – a man who was to be instrumental in the troubled company's turnaround – announced his departure from Nissan for Nidec, according to a report published Tuesday by Reuters.
He's been with Nissan for 30 years, so why would he leave now? Well, even on the surface, Nissan has a long and challenging road ahead of it after years of declining profits and a stagnating product line that it's working feverishly to revamp. Add in the sizable poop sandwich left by both Carlos Ghosn and Hiroto Saikawa, and we can see why Seki would seek greener pastures.
However, when asked during a recent interview, he gave different reasons for his departure: "I love Nissan and I feel bad about leaving the turnaround work unfinished, but I am 58 years old, and this is an offer I could not refuse. It's probably my last chance to lead a company too."
So what exactly does Nidec do? It's a supplier to the automotive industry as well as the electronics and appliance industries. Notably, Nidec has pretty much locked up the market on the itty-bitty electric motors that spin the platters inside of traditional hard drives.
Where will this leave Nissan? Well, that's an excellent question that Nissan's board is probably feverishly asking itself right now.
Nissan didn't immediately respond to Roadshow's request for comment.
https://www.cnet.com/roadshow/news/nissan-exec-jun-seki-departs-two-weeks/
#7608481 at 2019-12-24 13:50:48 (UTC+1)
Q Research General #9734: Christmas Eve Morning 2020 Edition
Nissan top executive Seki to resign in blow to turnaround plan
The executive tasked with leading a recovery at Nissan Motor Co Ltd said he had decided to resign just weeks into his new job, a move that could disrupt the automaker's push to turn the corner on scandal and slumping sales. Jun Seki, Nissan's vice chief operating officer and a former contender for chief executive, told Reuters he was leaving to become the president of Nidec Corp, a Kyoto-based manufacturer of automotive components and precision motors.
He will likely depart in January after three decades at Nissan, including a stint heading its China business. "I love Nissan and I feel bad about leaving the turnaround work unfinished, but I am 58 years old, and this is an offer I could not refuse. It's probably my last chance to lead a company too," he said in a brief interview. "It's not about money. In fact, I will take a financial hit since Nissan pays us well," Seki said. He declined to elaborate further.
Nissan and Nidec declined to comment.
Seeking to roll back some of the costly expansion under ousted chairman Carlos Ghosn, Nissan has embarked on wide-ranging turnaround plan. That plan, which began in April, is now on track to generate a cumulative few hundred billion yen in cost cuts and operational efficiency gains by the year to March 2022, according to two Nissan sources who spoke on condition of anonymity. One hundred billion yen is roughly equal to $915 million.
Adding to concerns about disruption among Nissan's top management, the sources said that Seki, Chief Operating Officer Ashwani Gupta and Chief Executive Makoto Uchida have so far failed to gel as a team after being named to their posts in October. They officially took over on Dec. 1. "There was no instant, cohesive chemistry achieved by those appointments," one of the sources said.
Gupta and Uchida were not immediately available for comment.
Seki's resignation could further complicate Nissan's relationship with top shareholder Renault SA. Seki recently worked in Paris for a year and was seen as relatively close to the French automaker.
Asked if he was leaving Nissan because he was passed over for the role of chief executive, Seki said that was not the case but did not elaborate. He and Uchida, most recently the head of the China business, had been seen as top contenders for the CEO job. Reuters reported in September that Uchida was seen as more favored by Renault. Before being named vice-COO, Seki was a senior vice-president charged with leading the turnaround.
Nissan has been profoundly shaken over the last year, first with the downfall of long-term leader Ghosn, who is now awaiting trial on allegations of financial misconduct that he has denied. Former Chief Executive Hiroto Saikawa then left in September.
One of the sources said Seki was contacted by a headhunter about a job at Nidec in April, after he returned from a year working in Paris. Nidec's 75-year-old chairman, the brash and confident Shigenobu Nagamori, has been searching for an eventual successor to lead and expand its business.
Nidec, which sees electric vehicles as a key driver of growth, has a 40% global market share in automotive electric steering motors and has said it wants to boost its share in electric vehicle propulsion motors. After April, Seki had no additional contact with Nidec until the recruiter called him again on Oct. 8 when Nissan announced the new management team, including Uchida as CEO.
After that second call, Seki agreed to meet Nagamori - to turn down the offer, the source said. "Nagamori talked Seki into accepting his offer in the end," the source said.
https://www.reuters.com/article/us-nissan-executives/nissan-top-executive-seki-to-resign-in-blow-to-turnaround-plan-idUSKBN1YS0R8
#6852658 at 2019-06-27 04:49:35 (UTC+1)
Q Research General #8764: First Dem Debate is "Boring!!!" Edition
France's Macron says no need to lower government's stake in Renault
TOKYO (Reuters) - French President Emmanuel Macron said on Thursday there was no need for the government to lower its stake in Renault and that he wanted the Renault-Nissan alliance to work on strengthening its synergies.
Relations have been strained between the alliance members since the shock arrest in November of former boss Carlos Ghosn, but Macron referred to that as an individual situation that should not have a bearing on their partnership.
"Nothing in this situation justifies changing the cross shareholdings, the rules of governance, and the state's shareholding in Renault, which has nothing to do with Nissan," Macron told reporters.
Macron's comment contradicts recent remarks by Finance Minister Bruno Le Maire that the government was ready to reduce its 15% stake in Renault in the interest of bolstering the automaker's alliance with Japan's Nissan Motor.
"I wish for the group to maintain its stability concentrating on the essential and that synergies between Renault and Nissan continue to be strengthened," said Macron, who was in Japan on an official state visit ahead of the G20 in Osaka.
"The future of the group is how it can become leader in electric vehicles and one of the leaders in autonomous vehicles ... I think the future is more of a growing integration."
Despite the French government's frequent calls for Renault and Nissan to strengthen their partnership, Nissan has been unhappy with what it sees as an unequal relationship and has rebuffed previous suggestions of an outright merger.
Renault owns 43% of Nissan which has surpassed its French partner in size since being rescued by it two decades ago. Nissan holds a 15%, non-voting stake in its partner.
Nissan Chief Executive Hiroto Saikawa said at a shareholders' meeting this week the Japanese automaker would "postpone discussions" on the future direction of the alliance as it prioritized recovery of its financial performance.
https://www.reuters.com/article/us-japan-france-nissan/frances-macron-says-no-need-to-lower-governments-stake-in-renault-idUSKCN1TS0AT
#6711432 at 2019-06-09 18:14:32 (UTC+1)
Q Research General #8583: Lions, Togers, and Domain Seizures Edition
Renault to block Nissan's corporate governance overhaul
(Reuters) - France's Renault SA has told Nissan Motor Co Ltd that it will block the company's plan to overhaul its corporate governance, the Financial Times reported on Sunday.
Renault Chairman Jean-Dominique Senard revealed the same in a letter to Nissan Chief Executive Hiroto Saikawa on Saturday, according to the report, which cited people familiar with the letter.
The letter comes two weeks before Nissan's annual meeting, where it had hoped to vote through a long-overdue transition from having statutory auditors to a governance system of three committees covering nominations, remuneration and audit, FT reported. Renault's decision to abstain from the vote denies the proposal the two-thirds majority it needs to pass.
Renault and Nissan did not immediately respond to a Reuters request for comment on Sunday.
https://www.reuters.com/article/us-nissan-renault-governance/renault-to-block-nissans-corporate-governance-overhaul-ft-idUSKCN1TA0PS
#6486600 at 2019-05-13 10:52:57 (UTC+1)
Q Research General #8295: BOOM TIME Edition
Global Board Admin Announcements
>>6477078 BO removed a BV
>>6446595 BO on baker checks
>>6385109 Do not add Q's posts WITHOUT a tripcode
>>6261140 Please no JPEGs
>>6364968 Captchas for every post now
Notables
are not endorsements
#8294
Baker Change
>>6486581 New POTUS Thread w/CAP
>>6486514 former NXIVM publicist whistleblower Parlato gives interview
>>6486528 For anon keks: 17 Bread Recipes You Can Make in Under an Hour.
>>6486133 keks, Qs ID on drops on 2nd bread was dfeded - De Fed Ded
>>6485976 anon drops a video and a dig on a Chaska Denny. anons interdasted.
Collected notes
>>6486352, >>6486353, >>6486356, >>6486357, >>6486358 Resignations in the news update
>>6486354 Bank of France estimates French GDP at 0.3 percent for second quarter
>>6486362, >>6486363 Twitter 'transparency' report blocked for the past 5 yrs - most recently by Bill Barr
>>6486373 Ukraine intelligence declassified hundreds of documents
>>6486388 Ed O'Callahan announced as acting DAG (May 10th)
>>6486374 REMINDER IG Report will cover FBI/DoJ employee misconduct; charges and arrests by AG Barr
>>6486593 #8294
#8293
>>6485711 Tom Fitton on Spygate crimes
>>6485692 Anon's summary of possible Wray motives–and a theory
>>6485663 Cali familiies DIGG Update
>>6485246, >>6485396, >>6485624, >>6485643, >>6485652, >>6485657 Anons discuss naval ship defenses
>>6485494 Patriot's Mother's Day Greeting
>>6485384 FBI uncovered another terrorist training camp on land owned by Siraj Ibn Wahhaj in Alabama
>>6485432 Receipt for computer hard drive that Dennis Montgomery turned over to FBI in 2015
>>6485374, >>6485485, >>6485641 Comey launched Trump-Russia investigation day after general exposed "The Hammer" & related info
>>6485368 Nadler, Deutch, Swalwell Introduce Bill to Ensure Presidents Can be Held Accountable for Criminal Conduct
>>6485188 DJT speaks of "a good BILL" for immediate signing
>>6485180 Catholic Relief Services initially founded as the War Relief Services after WWII
>>6485168, >>6485193 Pompeo canceling stop in Moscow en route to Brussels instead to discuss a range of pressing matters w/EU officials incl Iran
>>6485142 Anon says Q put 'guilty of treason' in quotes for a reason
>>6485114 For KEKS: Pelosi vid, comic relief (1 min)
>>6485092 Roger Stone wants proof that Russians hacked the DNC server
>>6485771 #8293
#8292
>>6484468, >>6484654, Peter Strzok's father involved in relief services for CF in Haiti. DIGG!!; >>6484763 Strzok's father & Catholic Relief Services
>>6484488 Comey & Baker pannicing as the IG report is about to become public
>>6484449 Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484423 Ecuador will give US all docs & devices Assange left in London embassy
>>6484409 , >>6484425, >>6484434 Strzok Grew Up In Iran & was Hussein & Brennan's Iran Envoy
>>6484399 State Dept denied FOIA request for HRC emails, Hussein WH kept tabs
baker change
>>6484447 Rep. Doug Collins on Page, McCabe and Strzok Testimony: "Loretta Lynch Has Some Explaining To Do" (3-17-19)
>>6484449 Senator Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484682 Carlos Ghosn's successor, Hiroto Saikawa, under siege from within as Nissan profit sinks
>>6484685 Colorado Democrat targeted for recall resigns amid reports of sexual-misconduct allegation
>>6484805 Iran commander calls U.S. military in Gulf a target not a threat -ISNA
>>6484916 Lou Dobbs: AG Barr has already raised standards for DOJ and the FBI
>>6484867 Ecuador to Provide US With Assange's Documents, His Personal Devices - Reports
>>6484842 William Schaufele, director of Relief Services' African operations
>>6484990 #8292
Previously Collected Notables
>>6483484 #8290, >>6484347 #8291
>>6481197 #8287, >>6482180 #8288, >>6483476 #8289
>>6478825 #8284, >>6479660 #8285, >>6480406 #8286
>>6476541 #8281, >>6477299 #8282, >>6478039 #8283
Notables Archive by BV's (updated nightly): https://8ch.net/qresearch/notables.html
Notables also archived here: >>>/comms/3396 (#740~#6384)
#6485791 at 2019-05-13 05:05:17 (UTC+1)
Q Research General #8294: The Almost Late Nite Edition
Global Board Admin Announcements
>>6477078 BO removed a BV
>>6446595 BO on baker checks
>>6385109 Do not add Q's posts WITHOUT a tripcode
>>6261140 Please no JPEGs
>>6364968 Captchas for every post now
Notables
are not endorsements
#8293
>>6485711 Tom Fitton on Spygate crimes
>>6485692 Anon's summary of possible Wray motives–and a theory
>>6485663 Cali familiies DIGG Update
>>6485246, >>6485396, >>6485624, >>6485643, >>6485652, >>6485657 Anons discuss naval ship defenses
>>6485494 Patriot's Mother's Day Greeting
>>6485384 FBI uncovered another terrorist training camp on land owned by Siraj Ibn Wahhaj in Alabama
>>6485432 Receipt for computer hard drive that Dennis Montgomery turned over to FBI in 2015
>>6485374, >>6485485, >>6485641 Comey launched Trump-Russia investigation day after general exposed "The Hammer" & related info
>>6485368 Nadler, Deutch, Swalwell Introduce Bill to Ensure Presidents Can be Held Accountable for Criminal Conduct
>>6485188 DJT speaks of "a good BILL" for immediate signing
>>6485180 Catholic Relief Services initially founded as the War Relief Services after WWII
>>6485168, >>6485193 Pompeo canceling stop in Moscow en route to Brussels instead to discuss a range of pressing matters w/EU officials incl Iran
>>6485142 Anon says Q put 'guilty of treason' in quotes for a reason
>>6485114 For KEKS: Pelosi vid, comic relief (1 min)
>>6485092 Roger Stone wants proof that Russians hacked the DNC server
>>6485771 #8293
#8292
>>6484468, >>6484654, Peter Strzok's father involved in relief services for CF in Haiti. DIGG!!; >>6484763 Strzok's father & Catholic Relief Services
>>6484488 Comey & Baker pannicing as the IG report is about to become public
>>6484449 Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484423 Ecuador will give US all docs & devices Assange left in London embassy
>>6484409 , >>6484425, >>6484434 Strzok Grew Up In Iran & was Hussein & Brennan's Iran Envoy
>>6484399 State Dept denied FOIA request for HRC emails, Hussein WH kept tabs
baker change
>>6484447 Rep. Doug Collins on Page, McCabe and Strzok Testimony: "Loretta Lynch Has Some Explaining To Do" (3-17-19)
>>6484449 Senator Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484682 Carlos Ghosn's successor, Hiroto Saikawa, under siege from within as Nissan profit sinks
>>6484685 Colorado Democrat targeted for recall resigns amid reports of sexual-misconduct allegation
>>6484805 Iran commander calls U.S. military in Gulf a target not a threat -ISNA
>>6484916 Lou Dobbs: AG Barr has already raised standards for DOJ and the FBI
>>6484867 Ecuador to Provide US With Assange's Documents, His Personal Devices - Reports
>>6484842 William Schaufele, director of Relief Services' African operations
>>6484990 #8292
Previously Collected Notables
>>6483484 #8290, >>6484347 #8291
>>6481197 #8287, >>6482180 #8288, >>6483476 #8289
>>6478825 #8284, >>6479708 #8285, >>6480406 #8286
>>6476541 #8281, >>6477299 #8282, >>6478039 #8283
Notables Archive by BV's (updated nightly): https://8ch.net/qresearch/notables.html
Notables also archived here: >>>/comms/3396 (#740~#6384)
#6485022 at 2019-05-13 03:20:33 (UTC+1)
Q Research General #8293: Sunday Night Special Edition
Global Board Admin Announcements
>>6477078 BO removed a BV
>>6446595 BO on baker checks
>>6385109 Do not add Q's posts WITHOUT a tripcode
>>6261140 Please no JPEGs
>>6364968 Captchas for every post now
Notables
are not endorsements
#8292
>>6484468, >>6484654, Peter Strzok's father involved in relief services for CF in Haiti. DIGG!!; >>6484763 Strzok's father & Catholic Relief Services
>>6484488 Comey & Baker pannicing as the IG report is about to become public
>>6484449 Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484423 Ecuador will give US all docs & devices Assange left in London embassy
>>6484409 , >>6484425, >>6484434 Strzok Grew Up In Iran & was Hussein & Brennan's Iran Envoy
>>6484399 State Dept denied FOIA request for HRC emails, Hussein WH kept tabs
baker change
>>6484447 Rep. Doug Collins on Page, McCabe and Strzok Testimony: "Loretta Lynch Has Some Explaining To Do" (3-17-19)
>>6484449 Senator Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484682 Carlos Ghosn's successor, Hiroto Saikawa, under siege from within as Nissan profit sinks
>>6484685 Colorado Democrat targeted for recall resigns amid reports of sexual-misconduct allegation
>>6484805 Iran commander calls U.S. military in Gulf a target not a threat -ISNA
>>6484916 Lou Dobbs: AG Barr has already raised standards for DOJ and the FBI
>>6484867 Ecuador to Provide US With Assange's Documents, His Personal Devices - Reports
>>6484842 William Schaufele, director of Relief Services' African operations
>>6484990 #8292
#8291
>>6484190 , >>6484199, >>6484203, >>6484225 New DJT with Zero Delta? TBC
>>6484179 Anon on Q saying 'guilty of TREASON' in quotes
>>6484124 So it's illegal to boycott Israel but not a US state?
>>6483944 , >>6483978, >>6484067 Anon's theories on the BOOM week ahead
>>6484003 Kevin Spacey Talks 5-6-2019
>>6483956 Downer Denies Meeting Supposed to Launch FBI's Russia Probe Was a Set-Up
>>6483945 , >>6483844 [C]omey before [D]eclas
>>6483930 Fitton exposes Mueller's top deputy Weissmann as an anti-Trump activist
>>6483913 GOP investigators say classified docs will expose misuse of Steele dossier
>>6483891 World Market Report
>>6483876 PapaD tweet: New sheriff in town
>>6483865 Q's ID = Dfeded-> d(fed)ed-> fed in (within) ded = Fed ended?
>>6483850 , >>6483928 China tarrif increase notable posts
>>6483810 New POTUS tweet & Q's past 'WRAY' posts
>>6483807 Anon theory: IMO Horowitz OIG Report Out Tomorrow?
>>6483766 Technician: PP kept aborted babies alive to harvest organs
>>6483761 , >>6483849, >>6483874 US Military tweets
>>6483647 Anon's theory on Q's Marker [2] post
>>6483731 Felicity Huffman expected to plead guilty Monday in college scandal
>>6483672 [Treason][Sedition][Crimes against Humanity][Subversive Activities][Collusion]
>>6483632 Trump flips the script after Dems describe US as in a 'constitutional crisis'
>>6483605 Past Q 'BOOM WEEK' posts
>>6484347 #8291
Previously Collected Notables
>>6483484 #8290,
>>6481197 #8287, >>6482180 #8288, >>6483476 #8289
>>6478825 #8284, >>6479708 #8285, >>6480406 #8286
>>6476541 #8281, >>6477299 #8282, >>6478039 #8283
Notables Archive by BV's (updated nightly): https://8ch.net/qresearch/notables.html
Notables also archived here: >>>/comms/3396 (#740~#6384)
#6484990 at 2019-05-13 03:16:35 (UTC+1)
Q Research General #8292: TRUTH TO LIGHT Edition
#8292
>>6484468, >>6484654, Peter Strzok's father involved in relief services for CF in Haiti. DIGG!!; >>6484763 Strzok's father & Catholic Relief Services
>>6484488 Comey & Baker pannicing as the IG report is about to become public
>>6484449 Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484423 Ecuador will give US all docs & devices Assange left in London embassy
>>6484409 , >>6484425, >>6484434 Strzok Grew Up In Iran & was Hussein & Brennan's Iran Envoy
>>6484399 State Dept denied FOIA request for HRC emails, Hussein WH kept tabs
baker change
>>6484447 Rep. Doug Collins on Page, McCabe and Strzok Testimony: "Loretta Lynch Has Some Explaining To Do" (3-17-19)
>>6484449 Senator Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484682 Carlos Ghosn's successor, Hiroto Saikawa, under siege from within as Nissan profit sinks
>>6484685 Colorado Democrat targeted for recall resigns amid reports of sexual-misconduct allegation
>>6484805 Iran commander calls U.S. military in Gulf a target not a threat -ISNA
>>6484916 Lou Dobbs: AG Barr has already raised standards for DOJ and the FBI
>>6484867 Ecuador to Provide US With Assange's Documents, His Personal Devices - Reports
>>6484842 William Schaufele, director of Relief Services' African operations
baking soon, bread is fast captcha takes time
#6484940 at 2019-05-13 03:12:22 (UTC+1)
Q Research General #8292: TRUTH TO LIGHT Edition
#8292
Notes @600
>>6484468, >>6484654, Peter Strzok's father involved in relief services for CF in Haiti. DIGG!!; >>6484763 Strzok's father & Catholic Relief Services
>>6484488 Comey & Baker pannicing as the IG report is about to become public
>>6484449 Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484423 Ecuador will give US all docs & devices Assange left in London embassy
>>6484409 , >>6484425, >>6484434 Strzok Grew Up In Iran & was Hussein & Brennan's Iran Envoy
>>6484399 State Dept denied FOIA request for HRC emails, Hussein WH kept tabs
baker change
>>6484447 Rep. Doug Collins on Page, McCabe and Strzok Testimony: "Loretta Lynch Has Some Explaining To Do" (3-17-19)
>>6484449 Senator Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484682 Carlos Ghosn's successor, Hiroto Saikawa, under siege from within as Nissan profit sinks
>>6484685 Colorado Democrat targeted for recall resigns amid reports of sexual-misconduct allegation
>>6484805 Iran commander calls U.S. military in Gulf a target not a threat -ISNA
>>6484916 Lou Dobbs: AG Barr has already raised standards for DOJ and the FBI
>>6484867 Ecuador to Provide US With Assange's Documents, His Personal Devices - Reports
>>6484842 William Schaufele, director of Relief Services' African operations
#6484830 at 2019-05-13 03:01:36 (UTC+1)
Q Research General #8292: TRUTH TO LIGHT Edition
#8292
Notes @490
>>6484468, >>6484654, Peter Strzok's father involved in relief services for CF in Haiti. DIGG!!; >>6484763 Strzok's father & Catholic Relief Services
>>6484488 : Comey & Baker pannicing as the IG report is about to become public
>>6484449 Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484423 Ecuador will give US all docs & devices Assange left in London embassy
>>6484409 , >>6484425, >>6484434 Strzok Grew Up In Iran & was Hussein & Brennan's Iran Envoy
>>6484399 State Dept denied FOIA request for HRC emails, Hussein WH kept tabs
baker change
>>6484447 Rep. Doug Collins on Page, McCabe and Strzok Testimony: "Loretta Lynch Has Some Explaining To Do" (from 3-17-19)
>>6484449 Senator Lindsey Graham Discusses 2016 "Spygate" With Maria Bartiromo
>>6484682 Carlos Ghosn's successor, Hiroto Saikawa, under siege from within as Nissan profit sinks
>>6484685 Colorado Democrat targeted for recall resigns amid reports of sexual-misconduct allegation
>>6484805 Iran commander calls U.S. military in Gulf a target not a threat -ISNA
Anything missed or needing changes, anons?
#6484682 at 2019-05-13 02:49:32 (UTC+1)
Q Research General #8292: TRUTH TO LIGHT Edition
Carlos Ghosn's successor, Hiroto Saikawa, under siege from within as Nissan profit sinks
Carlos Ghosn's arrest threw Nissan Motor Co. into a corporate tailspin with allegations of self-dealing, profligate spending and filing false statements. Now the automaker's profits are falling off a cliff, and successor Hiroto Saikawa may go down with them.
Troubled by slumping U.S. sales, aging models and a product cycle that's out of sync, the Yokohama-based company is on track to announce on Tuesday its lowest annual operating profit in a decade, raising the possibility of a dividend cut. The outlook for the current fiscal year to March 2020 probably won't be any more promising.
Chief Executive Officer Saikawa has yet to announce a turnaround plan since the arrest of former Chairman Ghosn in November, and people familiar with the matter say there's internal strife over whether he's the right executive to fix Nissan. Alliance partner Renault SA may not look too favorably on Saikawa's reappointment if he continues to oppose a merger said to be backed by its own Chairman Jean-Dominique Senard, who is also a Nissan director.
In addition, alliance partner said it would block Saikawa's reappointment if he didn't agree to a merger - a request made by Renault's new chairman that Saikawa batted away, the Yomiuri newspaper reported last month.
"A new management team and strategy may be the answer," said Michael Dean, a Bloomberg Intelligence analyst.
"We do not comment on rumors or speculation," said Nicholas Maxfield, a Nissan spokesman. "The company's focus is on stabilizing operations and strengthening its management structure, while addressing the weaknesses in governance that enabled this misconduct."
The surprise jailing of Ghosn, who led both carmakers for two decades, exposed rifts over control and decision-making. Since then, Ghosn was released and detained once again. Currently out on bail, Ghosn has denied all charges against him, saying his arrest was due to a "dirty game" played by some Nissan executives. He is now preparing for his trial, which may start later this year or next year.
A pending litmus test for Saikawa's job security will come next month, when Nissan's directors are set to formally adopt new corporate governance rules that include creating a more independent board. In an extraordinary shareholders' meeting held last month to remove Ghosn from the board, Saikawa was peppered with questions as to why he wasn't stepping down to take responsibility for Nissan's poor governance.
Saikawa said there are many ways to take responsibility and he believed the right thing for him to do now is to help Nissan rebuild, signaling his intention to stay on. Even so, Saikawa needs Renault's vote from its 43 percent stake to back his reappointment, especially given that roughly half of minority shareholders have voted against his appointment since 2017.
While the French automaker agreed in 2015 not to interfere in the appointment of top Nissan managers, Nissan's financial weakness could give Renault an opening to push harder for a merger.
The list of potential replacements include Chief Operating Officer Yasuhiro Yamauchi, who sits on the board of Renault. His recent promotion preserves management ties between the automakers, who along with Mitsubishi Motors Corp. form the world's biggest car alliance.
A recent management shuffle also put the spotlight on executives who may also be in a position to lead the company. Hideyuki Sakamoto, in charge of manufacturing and supply-chain management, joined Nissan in 1980 as an engineer and has worked around the world, including the Nissan Technical Center in North America, Nissan's largest affiliate supplier in Japan and Renault in Brazil. Jun Seki, formerly Nissan's China chief, is now senior vice president overseeing "performance recovery."
"Nissan clearly had very bad corporate governance and an atmosphere where few felt they could question Mr. Ghosn," said Janet Lewis, an analyst at Macquarie Capital Securities (Japan) Ltd. "His departure will enable them to reboot, but it will take time to put a strong management team in place."
https://www.japantimes.co.jp/news/2019/05/12/business/corporate-business/carlos-ghosns-successor-Hiroto-Saikawa-siege-within-nissan-profit-sinks/
Saikawa-san, take the initiative and build a small pickup truck FFS and export in here, you would clean up.
#6277491 at 2019-04-22 23:04:18 (UTC+1)
Q Research General #8027: Remembering the Battle of Mogadishu Edition
Nissan to reject new integration proposal from Renault
TOKYO (Reuters) - Nissan Motor Co Ltd will reject a management integration proposal from French partner Renault SA and will call for an equal capital relationship, the Nikkei newspaper said on Monday, citing sources.
Nissan's management feels the Japanese company has not been treated as an equal of Renault under existing capital ties, and a merger would make this inequality permanent, the Nikkei said s.nikkei.com/2veityL.
The outlook for the alliance - one of the world's top automaking partnerships - has been in focus since the arrest in November of its main architect, Carlos Ghosn, for financial misconduct. The former Nissan and Renault chairman has denied the charges against him and has said he was the victim of a boardroom coup by Nissan executives opposed to closer ties.
Renault saved Nissan from the brink of bankruptcy two decades ago and under their current capital alliance, the French company holds greater control over its much larger partner.
Nissan Chief Executive Hiroto Saikawa declined to say whether the company had received such a proposal from Renault.
"Now is not the time to think of such things," he told a group of reporters outside of his house in Tokyo. "At the moment we are focused on improving Nissan's earnings performance. Please give us time to do that."
Renault declined to comment on the report.
Renault has argued in its proposal that an integration would maximise synergies within the French-Japanese alliance, according to the Nikkei.
https://www.reuters.com/article/us-renault-nissan-alliance/nissan-to-reject-new-integration-proposal-from-renault-nikkei-idUSKCN1RY0PF
#6232008 at 2019-04-19 00:19:18 (UTC+1)
Q Research General #7969: Investigate The Other Side Edition
Nissan to slash global production by 15%
TOKYO – Nissan Motor will cut global production by about 15% for the fiscal year ending March 2020, Nikkei has learned, as the Japanese automaker shifts away from the aggressive expansion campaign promoted by former Chairman Carlos Ghosn.
The company aims to produce about 4.6 million units in fiscal 2019 – the lowest figure in nine years – according to plans being communicated to its suppliers. The move is expected to affect earnings, and could cast a pall over its alliance with French automaker Renault.
Under Ghosn, Nissan stretched itself thin in order to meet aggressive sales targets. Now it is seeking a different path forward, with President and CEO Hiroto Saikawa announcing last February a new strategy focused on profitability over sales volume. He pledged to overhaul the company's production and sales structures.
Nissan appears to have sustained sales and output declines in fiscal 2018 after almost a decade of growth, due to a sluggish performance in the U.S. The figures are expected to fall further this fiscal year, even as many of Nissan's rivals anticipate growth or at least in line with 2018, making Nissan's drop stand out.
The planned production cut would be the steepest since fiscal 2008, when output fell 16% in response to the global financial crisis. By region, the automaker plans to keep production in Japan largely flat at over 900,000 units, while slashing it overseas by 20% to about 3.7 million vehicles.
A significant hit to earnings could complicate Nissan's push to restructure its alliance with Renault. Currently, the French automaker owns 43% of Nissan, while Nissan has a non-voting 15% stake in Renault, despite accounting for nearly half of its partner's group net profit.
In North America, Nissan will scale back corporate sales operations that prop up unit sales but are less profitable. It will also reduce its sales incentive funds distributed to retail dealerships to finance discounts.
https://asia.nikkei.com/Business/Nissan-s-Ghosn-crisis/Nissan-to-slash-global-production-by-15
#4918353 at 2019-01-26 19:49:11 (UTC+1)
Q Research General #6279: Melania Trumps Telegraph Edition
Ghosn resigned from Renault last night - French finance minister
PARIS (Reuters) - Carlos Ghosn has resigned from French carmaker Renault (RENA.PA), French finance minister Bruno Le Maire told Bloomberg Television in an interview at the World Economic Forum in Davos.
http://allamericansthings.com/2019/01/ghosn-resigned-from-renault-last-night-french-finance-minister/
Saikawa has led the charge against Carlos Ghosn, his former boss
PARIS/TOKYO - Hiroto Saikawa has said he will step down as Nissan CEO, shortly after former Chairman Carlos Ghosn resigned as chairman and chief executive of Renault.
The move will give the strained two-decade union of Renault and Nissan a fresh start as the two main antagonists in the crisis that has paralyzed the world's biggest automotive alliance leave the stage.
https://www.autonews.com/executives/nissan-ceo-says-hell-step-down-after-renault-reset
#4887683 at 2019-01-24 16:25:01 (UTC+1)
Q Research General #6240: Iran And Hezbollah's Venezuela Connections Edition
Renault picks Jean-Dominique Senard as new chairman, Thierry Bollore as new CEO
PARIS - The board of Renault SA on Thursday decided on two new leaders to replace Carlos Ghosn as CEO and chairman, as the once-celebrated tycoon appears likely to remain in detention in Japan for months on charges of financial misconduct.
The board picked Thierry Bollore, currently deputy CEO of the French automaker who has been in charge of overseeing day-to-day operations in place of Ghosn, as the new CEO, and Jean-Dominique Senard, CEO of French tire company Michelin, as chairman.
French Finance Minister Bruno Le Maire confirmed Thursday that Ghosn had handed in his resignation, ahead of a board meeting to appoint his successor. A senior director of the firm "received last night the letter of resignation from Carlos Ghosn," who remains detained in Japan, according to Le Maire.
Senard, the new chairman, would also be charged with smoothing out the strained relationship with partner Nissan Motor Co., a person familiar with the matter said, while Bollore would handle daily operations.
Nissan showed a positive reaction to the change in the leadership.
"We welcome these management changes at Renault," the company said in a statement.
"Over the past 20 years, each company has respected the other's identity and autonomy, and by combining our strengths we have created synergies and achieved profitable growth."
Le Maire said this week that the government favored dual leadership atop the companies in which it holds a stake, with the chairman overseeing long-term strategic planning. France owns 15 percent of Renault, with extra voting rights and two seats on the board. The first task of the new management team "is to consolidate the alliance between Renault and Nissan," Le Maire told Francine Lacqua in an interview Thursday at the World Economic Forum in Davos, Switzerland. "I am sure the alliance will stay."
Ghosn has been in custody in Japan since Nov. 19, when police boarded his jet shortly after it landed at Haneda airport in Tokyo. He's been charged with understating his income at Nissan by tens of millions of dollars and transferring personal trading losses to the company. If convicted he could face decades in jail. Ghosn has denied wrongdoing.
His downfall has roiled the pact between Nissan and Renault that the globe-trotting executive held together for two decades. Mitsubishi Motors Corp. joined in 2016. All three companies have said the alliance is essential to remain competitive at a time of costly changes sweeping through the industry, from the decline of diesel cars to the enormous investment required for electric and autonomous vehicles.
Inside Nissan, operations and relationships with key dealers across the world are being reviewed as part of an expanding internal investigation into Ghosn's alleged misdeeds, according to people familiar with the matter. Hundreds of people including regional and legal compliance teams are participating in the probe, the people said.
Nissan CEO Hiroto Saikawa wants to convince investors he's addressing corporate-governance shortcomings exposed by Ghosn's detention. The scandal may not be the last of its type in Japan, where companies need to address how they keep top executives in check, Takeshi Niinami, CEO of liquor giant Suntory Holdings Ltd., said in Davos.
Nissan and Mitsubishi ousted Ghosn as chairman days after his arrest.
______
would you let this guy watch your kids? freaky looking
https://www.japantimes.co.jp/news/2019/01/24/business/corporate-business/renault-expected-appoint-michelin-ceo-jean-dominique-senard-new-chairman/
#4844382 at 2019-01-21 08:20:30 (UTC+1)
Q Research General #6184: 2 Years of Geotus Edition
JAPAN NISSAN
Nissan President unaware of Nissan, Renault integration proposal
efe-epaTokyo21 Jan 2019
The president of Nissan said Monday that the automobile company had not received any proposal from the French government to negotiate over a possible merger with Renault.
Hiroto Saikawa said that he was unaware of any suggestions to integrate the two companies, state-run NHK news agency reported, contrary to earlier reports claiming that French officials were in favor of a merger.
https://www.efe.com/efe/english/world/nissan-president-unaware-of-renault-integration-proposal/50000262-3873144?utm_source=wwwefecom&utm_medium=rss&utm_campaign=rss
#4833222 at 2019-01-20 13:44:43 (UTC+1)
Q Research General #6169: Italian Guerrilla Edition
France presses Japan to accept Renault-Nissan merger
The French government has asked Japan to accept a possible merger between Renault SA and Nissan Motor Co. following the arrest of Carlos Ghosn, who had managed the alliance of the carmakers, sources close to the matter said Sunday.
The request, apparently aimed at bringing the two automakers under the wing of a new holding company, was made at talks between French and Japanese officials in Tokyo, and reflects French President Emmanuel Macron's wishes, the sources said.
A delegation including Martin Vial, a Renault director designated by the French government, visited Japanese officials to discuss the plans.
The French government is the biggest stakeholder in Renault.
Macron last month held talks with Prime Minister Shinzo Abe, in which they only agreed to ensure a stable relationship within the three-way alliance, which also involves Japan's Mitsubishi Motors Corp.
Nissan is widely seen as wanting to reduce the influence of the French partner on its management and review the alliance with the aim of making it more equitable.
To preserve its business identity, by cooperating with the Japanese government Nissan will speed up formulating measures to prevent itself from being integrated with Renault, the sources said.
In 2015, the French government agreed with Nissan and Renault that it would not interfere in the Japanese automaker's management, but it remains to be seen whether this agreement will hold true.
Ghosn was arrested in November and has been indicted for allegedly underreporting his compensation in Nissan's financial statements, among other charges.
Nissan, which brought the allegations to prosecutors following a whistleblower tip, has ousted Ghosn as chairman, while saying it did not have enough checks on his power during his two-decade reign.
Renault is expected to put a new leader in place this week by replacing Ghosn as chairman and CEO, since he has been denied bail in Japan. Ghosn has denied all allegations against him.
Two months after Ghosn's arrest, the Japanese carmaker is weighing abolishing the chairman role as it steps up reforms to rebuild its governance. The scandal has also strained the company's partnership with Renault, a union held together by Ghosn for two decades.
Ghosn was reportedly planning a merger between the two carmakers before his arrest.
Tension has been rising between Nissan and Renault over their respective powers within each other's boardrooms. Through complicated cross shareholdings, Renault owns 43 percent of Nissan, which in turn owns 15 percent of the French automaker.
Last month, Renault said it planned to name a new director to the board of Nissan and safeguard power within their alliance.
"Renault wants to exercise the possibility to name its directors and this will be done at a shareholders' meeting," Vial, who is also head of the agency that holds the French government's stake, said in an interview on BFM Business.
Earlier, Nissan Chief Executive Officer Hiroto Saikawa rebuffed the French carmaker's demand for a meeting of all shareholders to discuss Nissan's governance, something it would need to do to change its board representation.
rest at link
https://www.japantimes.co.jp/news/2019/01/20/business/corporate-business/france-presses-japan-accept-renault-nissan-merger/
#4404534 at 2018-12-21 05:27:52 (UTC+1)
Q Research General #5615: Military Intelligence, No Such Agency = Key Edition
Nissan's Ghosn Re-Arrested for Allegedly Shifting Personal Losses to Nissan
Japanese prosecutors re-arrested Nissan Motor Co Ltd's ousted chairman Carlos Ghosn on Dec. 21 on fresh allegations of making Nissan shoulder $16.6 million in personal investment losses, dashing chances he would be released on bail imminently.
The move comes a day after a Tokyo court unexpectedly rejected prosecutors' request to extend Ghosn's detention, which raised the possibility that he could go free on bail as early as Dec. 21.
The re-arrest means he could be detained for at least another 10 days in a Tokyo jail, where he has been confined since he was arrested last month on initial allegations of financial misconduct.
The Tokyo prosecutor said the new allegations were based on suspicions that around October 2008, Ghosn shifted personal trades to the automaker, so that he could avoid paying for 1.85 billion yen ($16.6 million) in losses.
His lawyer, Motonari Otsuru, was not available for comment. The lawyer has previously declined to return calls regarding the Ghosn case.
The Tokyo court said in a statement that the lawyer for Greg Kelly, who was arrested along with Ghosn, has requested the release of Ghosn's former deputy. Kelly's detention extension was rejected along with Ghosn's.
The dramatic turn of events came hours after Ghosn, through his lawyer and quoted by Japanese public broadcaster NHK, vowed to restore his good name in court and to hold a news conference after his release.
"Things as they stand are absolutely unacceptable," he was quoted as saying. "I want to have my position heard and restore my honor in court."
Ghosn was initially arrested on Nov. 19 for allegedly understating his income by about half over a five-year period from 2010. He was later charged with the same alleged crime covering the past three years.
Television camera crews had gathered outside the Tokyo jail on Dec. 21 morning in hopes of catching sight of Ghosn being released.
The Ghosn case has put Japan's criminal justice system under international scrutiny and sparked criticism for some of its practices, including keeping suspects in detention for long periods and prohibiting defense lawyers from being present during interrogations, which can last eight hours a day.
Ghosn's arrest has marked a dramatic fall for a leader once hailed for rescuing Nissan from the brink of bankruptcy.
It has also shaken the Renault-Nissan-Mitsubishi alliance, with Nissan Chief Executive Hiroto Saikawa calling for changes to weaken Renault SA's control.
https://www.theepochtimes.com/nissans-ghosn-re-arrested-for-allegedly-shifting-personal-losses-to-nissan_2745323.html
#4164264 at 2018-12-05 15:22:33 (UTC+1)
Q Research General #5302: This Is Not A Funeral Edition
Nissan rejects Renault's request to send successor to replace Ghosn
Nissan Motor Co. has rejected partner Renault SA's request to send a successor with equal authority to replace ousted Chairman Carlos Ghosn, according to sources close to the matter, in a heightening leadership tussle at one of the world's biggest automaker groups.
Renault, which has retained Ghosn as CEO and chairman following his arrest last month for alleged financial misconduct, made the request during the Japanese automaker's emergency board meeting on Nov. 22, according to the sources.
The proposal was made to protect its business interests and maintain its influence within Nissan following Ghosn's dismissal, the sources said on Tuesday. The French automaker is Nissan's top shareholder.
But regarding the future relationship with Renault, Nissan CEO Hiroto Saikawa has said he wants to review the management structure, believing that the excessive concentration of power in Ghosn had undermined transparency and governance.
Ghosn, known as the man who saved Nissan from the brink of bankruptcy, was sent to the Japanese automaker from Renault in 1999 to be its chief operating officer. He became Nissan president in 2000 and served as CEO from 2001 to 2017.
Saikawa also views Nissan's relationship with Renault as unbalanced and favoring the French carmaker. Although it generates smaller earnings than Nissan, Renault owns a 43.4 percent stake in the Japanese automaker, which holds only a 15 percent stake in its French peer, but without voting rights. Nissan has a 34 percent stake in Mitsubishi Motors Corp., the third alliance partner.
Under the current agreement between Nissan and Renault, the Japanese automaker is to receive senior executives from the French peer, other sources said earlier.
Saikawa, Renault's acting CEO Thierry Bollore and Mitsubishi Motors CEO Osamu Masuko agreed on Nov. 30 to lead the three-way alliance through a consultative process between them, in an apparent departure from the decision-making process mainly until now led by the partnership's CEO and Chairman Ghosn, according to the Japanese executives.
Still, the struggle for leadership is expected to continue. Under the current accord between Nissan and Renault the post of CEO and chairman of the alliance is to be assumed by someone from the French automaker, analysts said.
The French government, the largest shareholder in Renault, has also stepped up efforts to keep Renault's strong control over the alliance.
It has said that a person from Renault should continue to lead Renault-Nissan BV, an Amsterdam-based company in charge of overseeing the partnership, and that the current cross-shareholdings should be maintained.
For French President Emmanuel Macron, who has seen recent sagging support ratings and street protests triggered by fuel tax hikes initially planned for January, it is crucial that Renault maintains its role in the country's economy while creating jobs, analysts said.
At the Nov. 22 meeting, the Nissan board decided to dismiss Ghosn as chairman and set up a three-member panel comprised of external directors to select his successor from among the current board members.
The three independent directors held their first meeting Tuesday to discuss who should succeed Ghosn as chairman, but did not reach a conclusion, according to Nissan officials.
The board is expected to formally approve the successor at its meeting on Dec. 17. One of the plans is to have Saikawa double as interim chairman, the sources said.
Ghosn was arrested by Tokyo prosecutors on Nov. 19 on suspicion of violating the Financial Instruments and Exchange Act by underreporting his remuneration by a total of about ¥5 billion ($44 million) over five years to March 2015.
Additionally, sources said Tuesday that Tokyo prosecutors have decided to seek a fresh arrest warrant for Ghosn on suspicion that he failed to report around ¥4 billion ($35.5 million) of his remuneration in its securities reports for the three years through March.
Along with Greg Kelly, a former Nissan representative director, Ghosn, who is being held at the Tokyo Detention House, is expected to be served with a fresh arrest warrant on Dec. 10, when the detention period for the pair expires.
Ghosn and Kelly have told the prosecutors that it was unnecessary to report some of the remuneration as the payments had yet to be settled, according to different sources with knowledge of the investigation.
The unreported remuneration of the 64-year-old charismatic automotive industry figure is believed to total ¥9 billion.
——————–
Japanese trying to rid themselves of French gov't control
How is that prison cell doing for you Carlos?
https://www.japantimes.co.jp/news/2018/12/05/business/corporate-business/nissan-rejects-renaults-request-send-successor-replace-ghosn/
#4152386 at 2018-12-04 22:27:44 (UTC+1)
Q Research General #5287: Graham Theatre Edition
Abusive treatment of auto executive threatens the Japanese legal system
The detained suspect is Carlos Ghosn, one of the most distinguished business executives in the world, who served as chairman of Nissan, Renault, and Mitsubishi. I learned of these troubling circumstances only after discussing the case informally with his lawyer. His arrest may have grown from a business dispute with Hiroto Saikawa, the current chief executive officer of Nissan, about a merger reportedly proposed by Ghosn between Nissan and Renault, but which apparently was opposed by some Japanese government officials, Nissan employees, and Saikawa. Instead of resolving this dispute civilly, opponents seem to have gotten prosecutors to arrest Ghosn, who has now been in detention since November 19, the day his private jet landed at Haneda Airport, where he was interrogated and whisked away by Japanese police. The media apparently was alerted to the arrest in advance and were waiting for his arrival at the airport.
https://thehill.com/opinion/international/419595-abusive-treatment-of-auto-executive-threatens-the-japanese-legal-system
#4039944 at 2018-11-26 22:07:21 (UTC+1)
Q Research General #5141: Tupelo Rally Edition
Nissan boss Carlos Ghosn arrested over 'misconduct'
Nissan chairman Carlos Ghosn has been arrested over claims of financial misconduct, the carmaker has said.
Mr Ghosn, a towering figure in the car industry, will be sacked from the Japanese firm after a board meeting on Thursday, its chief executive said.
He has been accused of "significant acts of misconduct", including under-reporting his pay package and personal use of company assets.
Nissan said it was unable to give further details on the offences.
Japanese prosecutors have yet to comment on Mr Ghosn's arrest.
Nissan is the world's sixth-largest carmaker and its site in Sunderland is the UK's biggest car plant.
"I feel despair, indignation and resentment." said Nissan chief executive Hiroto Saikawa at a news conference. "As the details are disclosed I believe that people will feel the same way as I feel today."
Mr Saikawa said Nissan would now try to "stabilise the situation, and normalise day-to-day operations" for staff and business partners.
It said it had been conducting an internal investigation for several months, prompted by a whistleblower.
According to Japanese media reports, which have not been confirmed, he under-reported an amount totalling 5bn yen (£34m) over a five-year period from 2011.
Mr Ghosn was paid 735m yen (£5.1m) by Nissan in the most recent financial year, 227m yen (£1.6m) by Mitsubishi and ?7.4m (£6.6m) by Renault - a total of about £13.3m.
Mr Saikawa said he believed the misconduct "went on for a long period".
From 2010, Japanese firms have been required to disclose the salaries of executives who earn more than 100m yen.
http://www.findnews.co.uk/uk-news/nissan-boss-carlos-ghosn-arrested-over-misconduct/
#3983814 at 2018-11-21 15:00:53 (UTC+1)
Q Research General #5068: Gingerbread Ebake edition
Nissan crisis deepens as firm faces potential charges in Carlos Ghosn case
Nissan Motor Co. sank deeper into crisis Wednesday as it emerged the car giant could itself face charges over alleged financial misconduct that has already led to the stunning arrest of its chairman, Carlos Ghosn.
Monday's arrest of the millionaire auto tycoon, who is credited with having turned Nissan around and formed the three-way alliance with Renault SA and Mitsubishi Motors Corp., sent shock waves through the global car sector and corporate Japan.
On Wednesday the Tokyo District Court ordered the 64-year-old Brazil-born Ghosn to be held for a further 10 days as prosecutors step up their investigation into alleged underreporting of his pay package, sources said.
Prosecutors initially had 48 hours after the arrests to either press formal charges, release him or request the 10-day custody extension.
The court also allowed prosecutors to extend the detention of Nissan Representative Director Greg Kelly, a close aide to Ghosn who was arrested the same day as the chairman, for the same period.
Ghosn is being held in a detention center in northern Tokyo in conditions far removed from his abundant lifestyle.
"In principle, he will be all alone in a cell," said lawyer Ayano Kanezuka.
"There is everything you need - heating, a bed - but conditions are spartan," said Kanezuka's colleague Lionel Vincent, who added that there was likely to be an inner courtyard with bars.
Ghosn is suspected of omitting from the company's annual securities reports more than ¥100,000,000 ($886,000) in annual remuneration from a Dutch-based subsidiary, according to the sources. Tokyo prosecutors allege the subsidiary played a pivotal role in the scandal. Although the amount is much smaller than had been indicated by sources a day earlier, Ghosn is also believed to have gained from compensation linked to stock prices.
The sources had said Tuesday that Nissan did not mention in the financial statements billions of yen Ghosn earned from stock appreciation rights - a system similar to stock options that gives bonuses to executives if the company's share price rises above a certain level.
The amount of stock-related pay makes up much of the ¥5 billion in remuneration the prosecutors allege Ghosn understated in violation of the Financial Instruments and Exchange Law.
The stock rights were given to Nissan executives after the bonus system was approved at its shareholders meeting in June 2003.
The charismatic industry figure, who brought Nissan back from the brink of bankruptcy in the late 1990s, is also suspected of having used residences in Brazil, France, Lebanon and the Netherlands, purchased by the subsidiary and other entities, without paying rent or reporting that benefit as part of his compensation.
It is the view of the prosecutors that Ghosn's alleged receipt of income from the subsidiary and the bonus system, as well as the housing benefits, should have been reported as part of his remuneration.
Believing that the Dutch-based subsidiary played a central role in the alleged misconduct, prosecutors are investigating how it was set up and the extent of the involvement of Kelly, according to the sources.
An executive in charge of legal affairs under Kelly was involved in the purchases of the overseas residences, according to the sources.
Nissan said Monday that Ghosn's "significant acts of misconduct" such as "personal use of company assets" and Kelly's "deep involvement" were uncovered following a monthslong internal probe, said to have been triggered by a whistleblower report.
In order to carry out the high-profile investigation, the prosecutors have struck a plea bargain agreement with that unnamed executive.
Kelly, 62, is believed to have instructed the executive and other officials to make false statements in the company's securities reports.
Nissan's board will decide on Thursday whether to remove Ghosn as chairman - a staggering reversal of fortune for the man credited with creating the three-way alliance which together sells more cars worldwide than any other automaker. Mitsubishi Motors is expected to decide next week whether to force Ghosn out.
His fate appears all but sealed after his hand-picked replacement as CEO, Hiroto Saikawa, launched an astonishing broadside at his mentor, saying "too much authority" had been placed in his hands and lamenting the "dark side of the Ghosn era."
Saikawa pointedly refused to offer the deep "apology bow" that usually accompanies corporate scandals in Japan, and played down the role Ghosn had personally played in reviving the firm's fortunes.
https://www.japantimes.co.jp/news/2018/11/21/business/corporate-business/nissan-crisis-deepens-charges-loom-ghosn-case/
#3959773 at 2018-11-19 14:03:51 (UTC+1)
Q Research General #5037: Thanksgiving Week Edition
Nissan chair Ghosn dismissed, held on misconduct charges
YOKOHAMA, Japan (AP) – Nissan Motor Co.'s high-flying chairman Carlos Ghosn was arrested Monday and will be dismissed after he allegedly under-reported his income and engaged in other misconduct, the company said Monday.
The Japanese automaker's CEO Hiroto Saikawa confirmed that Ghosn was arrested after being questioned by prosecutors following his arrival Japan earlier in the day.
It was a stunning development that left employees "bewildered" and fellow executives shocked and will pose a daunting test for the Nissan-Renault-Mitsubishi alliance, one of the world's biggest automakers.
The Yokohama-based company said the alleged violations involving millions of dollars by Ghosn, 64, and another executive were discovered during a months' long investigation that was instigated by a whistleblower.
"Beyond being sorry I feel great disappointment, frustration, despair, indignation and resentment," Saikawa said, apologizing for a full 7 minutes at the outset of the news conference. "I want to minimize the bewilderment and the impact on the operation and our business partners."
Nissan said it was providing information to the prosecutors and cooperating with their investigation. The allegations also concern a Nissan representative director, Greg Kelly, who was also arrested.
Saikawa said Nissan's board will vote Thursday on dismissing both Ghosn and Kelly, who he described as the "mastermind" of the alleged abuses.
"This is an act that cannot be tolerated by the company," he said. "This is serious misconduct."
Saikawa said three major types of misconduct were found, including under-reporting income, using investment funds for personal gain and illicit use of company expenses.
He promised to beef up corporate governance, adding that the problems may have happened because too much power was focused in one person.
"Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures," the company said in a statement.
Ghosn signed a contract earlier this year that would have run through 2022. His compensation, high by Japan's moderate standards for executive pay, has been an issue over the years.
According to NHK and the Kyodo News Service, Ghosn made nearly 10 billion yen ($89 million) over five years through March 2015, including salary and other income from the company, but reported as if he only made 5 billion yen ($44 million), or half of what he had received.
Nissan's annual securities report shows Ghosn received annual remuneration exceeding 1 billion yen ($8.9 million) until fiscal 2016, when shareholders voted against his pay package. His annual pay dropped to 735 million yen ($6.5 million) in 2017, down more than 30 percent.
Shares in Renault SA of France plunged 14 percent early Monday. The news of Ghosn's troubles broke after Japanese markets had closed for the day.
The allegations are a serious blow at a time when Nissan and Mitsubishi Motor Co. are still overcoming scandals over their quality testing reporting.
Ghosn is credited with helping engineer a remarkable turnaround at Nissan over the past two decades, resuscitating the Japanese automaker from near bankruptcy after he was sent in by Renault.
He looms similarly large in France, where the business world saw him as a trailblazer from outside the traditional French mold who turned Renault around and made it into a global player, notably in electric vehicles. He also led the French carmaker through massive job cuts and a costly, contentious bailout amid the world financial meltdown a decade ago and what he called a "crisis of massive proportions" for the auto industry.
Ghosn has also been a nemesis for French unions and left-wing politicians, who saw him as a symbol of globalized, U.S.-driven capitalism and its excesses - and notably its executive pay packages.
Shareholders at Renault voted in 2016 against Ghosn's pay package, seeing it as too generous - but the board ignored the vote. That prompted the ire of then-President Francois Hollande. Hollande's socialist government imposed limits on executive pay at state-run companies and tried to do the same in the private sector but backed down amid concerns that it would scare away foreign investment.