Nissan shareholders approve new board

Feb 19, 2020 | News On Japan

Feb 19, 2020 (NHK) - Nissan Motor held an extraordinary shareholders meeting on Tuesday, as it struggles to rebuild itself under new leadership. 666 people gathered in Yokohama. They approved a new board of directors led by current President and CEO Makoto Uchida.

The Japanese automaker has seen sluggish sales since a financial scandal revolving around former Chairman Carlos Ghosn came to light.

Nissan officials said last week their operating profit was down about 83 percent during the nine months to December, from the same period the previous year.

Uchida told the meeting that as the president, he accepts full responsibility for the sharp downturn in its performance. He said the company will draw up a recovery plan in May.

The shareholders approved four members to serve on the board. One of them is COO Ashwani Gupta.

The vote effectively marks the complete retirement of former President and CEO Hiroto Saikawa from Nissan. He resigned last year after allegedly receiving inappropriate compensation.

The extraordinary meeting is the second in the current fiscal year. The previous one was held in April to remove Ghosn from the board.

Nissan's leadership also needs to take action to strengthen its alliance with Renault of France and Mitsubishi Motors.

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