Nissan CEO, Other Executives Overpaid
Tokyo, Sept. 5 (Jiji Press)--Nissan Motor Co. <7201> chief Hiroto Saikawa said Thursday that he and other executives of the major Japanese automaker had received more stock-linked compensation than they should have.
"I'm sorry for causing concerns," Saikawa, Nissan's president and chief executive officer, told reporters in Tokyo.
Saikawa said he plans to return the overpaid compensation. He is believed to have been overpaid by more than 40 million yen.
"Payments deviated from rules in multiple cases," Saikawa said. He added, "I had thought appropriate procedures were taken."
The revelations are expected to increase pressure from shareholders and employees on the CEO, who has already been criticized for failing to detect underreporting of pay by former Nissan Chairman Carlos Ghosn.
[Copyright The Jiji Press, Ltd.]