Nissan Chief Saikawa to Step Down on Sept. 16

Economy

Yokohama, Sept. 9 (Jiji Press)--Nissan Motor Co. <7201> President and Chief Executive Officer Hiroto Saikawa will step down on Sept. 16, the Japanese automaker grappling with an executive compensation scandal said Monday.

Saikawa will take responsibility for the scandal in which he and other Nissan executives received more stock price-linked compensation than they should have.

Nissan's board asked Saikawa to resign, and he accepted the request, the company said.

The company's chief operating officer, Yasuhiro Yamauchi, will become acting CEO. Nissan will select a successor for the CEO position by the end of October, it said.

The announcement came after the board met Monday afternoon.

[Copyright The Jiji Press, Ltd.]

Jiji Press