Nissan Chief Executive Hiroto Saikawa tendered his resignation Monday after acknowledging that he had received dubious income and vowed to pass the leadership of the Japanese automaker to a new generation.

"It would have been better if I had been able to resolve everything first," Saikawa told reporters, appearing at the end of an evening news conference at company headquarters in Yokohama.

He was referring to deteriorating profits at the automaker and questions about Nissan's relationship with alliance partner Renault of France, as well as the unfolding financial scandals that have tarnished the brand.

Saikawa's predecessor, Carlos Ghosn, who led Nissan for two decades, is awaiting trial on various financial misconduct allegations. Ghosn says he is innocent.

"I am sorry to investors, customers and of course our workers," said Saikawa.

Board member Yasushi Kimura earlier announced that the board had approved Saikawa's resignation, effective Sept 16, and a successor would be appointed next month. A search is underway, he added.

Calls for Saikawa's resignation, which arose after Ghosn's arrest last year, have grown louder after Saikawa acknowledged last week that he had received dubious payments.

The income was linked to the stock price of Nissan Motor Co, and he has said his pay got inflated after the date for cashing in was illicitly adjusted. He has said he was unaware of the adjustment.

The automaker's board met to look into the allegations against Saikawa, as well as other issues related to Ghosn's allegations and corporate ethics at the company.

Source: ANNnewsCH