This archive report was first published on 9 September 2019.
On September 9, 2019, Nissan announced the resignation of its embattled CEO, Hiroto Saikawa, effective September 16, 2019, after it was revealed that he took more pay than he was entitled to.
His exit comes after months of turmoil at the Japanese automaker following the arrest of its chairman Carlos Ghosn last year, who hand-picked Saikawa as his successor.
"Nissan's Nomination Committee will accelerate its efforts to select a successor for the CEO position, with the goal of concluding the search by the end of October," the company said in a press release.
COO Yasuhiro Yamauchi will serve as interim CEO.
Nissan has been rattled by charges against Ghosn, a drama that first unfolded with the former chairman's arrest in Tokyo on November 19, 2018, on accusations of illegal financial dealing.
Since then, the company has announced it would slash 9% of its workforce amid falling profits, and its operating profit tumbled to $15 million in the second quarter of 2019.
Shares of Nissan's stock rose about 2% in early trading Monday following the announcement of Saikawa's imminent departure.
