Nissan to Pick Ghosn's Successor in Dec.

Economy

Tokyo, Nov. 23 (Jiji Press)--Nissan Motor Co.'s <7201> board of directors is set to choose a successor to Carols Ghosn next month after he was removed as the Japanese automaker's chairman Thursday following his arrest in Japan for allegedly underreporting his income.

The successor is expected to be selected from among current board members, excluding outside directors, and Hiroto Saikawa, Nissan's president and chief executive officer, is considered one of the leading candidates, informed sources said.

The post of Nissan chairman is considered a crucial post that could determine the fate of the three-way alliance between Nissan, French automaker Renault SA and Mitsubishi Motors Corp. <7211> of Japan, after Ghosn was dismissed as Nissan chairman.

A committee of outside directors is set to nominate the next chairman to the full board. The new chairman "will be picked from among current board members engaged in executing operations," a senior Nissan official said.

Ghosn and Nissan board director Greg Kelly were arrested by Japanese prosecutors on Monday on suspicion of understating the former chairman's pay for five years by some 5 billion yen in Nissan's financial statements.

[Copyright The Jiji Press, Ltd.]

Jiji Press