Nissan chief Saikawa to step down Sept 16; successor to be named
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.
News On Japan - Nov 25
Nissan Motor Corporation has announced plans to transition all its vehicles produced in the United Kingdom to electric vehicles (EVs).
News On Japan - Nov 24
The amount of undeclared income by wealthy people in Japan has reached a record high of 98 billion yen, among the worst offenders being scrap gold wholesalers, breeders and yakiniku restaurants, the National Tax Agency announced on Friday.
NHK - Nov 24
Japan's latest inflation figures show prices rose on a broad front in October. The month marked the first time in four months for inflation to accelerate.
NHK - Nov 24
Tokyo has a new landmark, a 330-meter-high skyscraper that opened on Friday. The Mori JP tower has 64 floors for shops, offices and residences. It's the tallest building in Japan, a title that previously belonged to the Abeno Harukas commercial and business tower in Osaka, western Japan.
Reuters - Nov 24
Japanese stocks witnessed massive foreign inflows in the week ended Nov. 17, underpinned by strong corporate earnings and as investors tempered some of their initial enthusiasm about the prospect of a series of U.S. interest rate cuts.
theceomagazine.com - Nov 24
Shitennō-ji temple is one of Osaka’s most important Buddhist temples. Built in the sixth century during the rule of Prince Shotoku, it has stood firm as the high-rises of the modern-day city have towered above it.
News On Japan - Nov 23
Danish pharmaceutical giant Novo Nordisk's anti-obesity drug "Wegovy" is now covered by Japan's public health insurance scheme. Doctor's, however, are concerned about the long-term effects of this highly addictive weight-loss treatment, and whether worldwide supply shortages will stop it getting into the hands of people who need it most.
carscoops.com - Nov 23
Toyota's Chairman and Master Driver Akio Toyota retires from his position as the chairman of the Japan Automobile Manufacturers Association (JAMA) which represents 5.5 million employees from 14 automakers. Toyoda is the only official who led Japan's automotive industry for three two-year terms, being appointed in 2012, 2018, and 2022.
acs.org - Nov 23
Japan’s three biggest chemical companies are seeing their earnings suffer from a slump in basic chemicals. All three experienced a sharp drop in profits in the first half of fiscal 2023, which ended Sept. 30, and one of them, Sumitomo Chemical, is forecasting a loss of $655 million for the full fiscal year.
newsonjapan.com - Nov 23
As the world leans into digital convenience, Japanese companies are not left behind in the digital transformation of payroll processing.
Reuters - Nov 22
Japanese chip materials maker Resonac (4004.T) said on Wednesday it will set up a research and development centre for advanced semiconductor packaging and materials in Silicon Valley.
News On Japan - Nov 22
Toshiba, aiming for corporate restructuring, held an extraordinary general meeting of shareholders on Wednesday, the final step towards delisting from the stock exchange.
Business Mirror - Nov 22
From manga artists to independent taxi drivers, Japanese freelancers and small businesses frustrated with the potential loss of a tax break are among the growing numbers pushing down Prime Minister Fumio Kishida’s approval rating to record lows.
ndtv.com - Nov 22
Tokyo offices are experiencing an unconventional approach to ease workplace stress. At a cost of 7,900 yen, roughly ₹ 4,400, people in Japan can access the services of Ikemeso Danshi, providing attractive companions referred to as "Handsome Weeping Boys."
News On Japan - Nov 21
Private companies are expected to exceed last year's winter bonuses for the third consecutive year, according to four private research firms, with an average payout per person rising between 2.1% to 2.5%.
News On Japan - Nov 20
The Azabudai Hills complex in Tokyo's Minato Ward, which includes Japan's tallest building, was unveiled to the media on Monday ahead of its opening on Nov 24.