YOKOHAMA, Japan (AP) – The recently tapped directors to improve corporate and business governance at Nissan guaranteed to turn japan automaker’s ailing business around but said Wednesday that intensive job cuts made to drive a recovery are also coming. Nissan’s brand image has been battered by the financial wrongdoing scandal of former Chairman Carlos Ghosn, who’s awaiting trial in Japan.
Motoo Nagai, a former banker and a new outside director overseeing audit, told reporters Wednesday the job slashes will be announced this week under a fresh scenario to drive growth. Japanese media have reported that Nissan Motor Co. will slash 10,000 jobs. Nagai did not give details. Ghosn, who led Nissan for just two years, is awaiting trial on allegations of under-reporting future payment and having Nissan makes his investment loss. He has frequently said he is innocent.
FILE – Within this March 12, 2019, file photo, French, and Japanese flags are hoisted at the entrance to the Nissan headquarters where Renault, Nissan, and Mitsubishi Motors table meeting takes place in Yokohama, near Tokyo. The executives charged with conditioning governance at Nissan say extensive job cuts are coming, designed to drive a recovery at the Japanese automaker. Nissan restructured its panel and management team in March, adding outside directors, in November after Ghosn was imprisoned.
The directors’ meetings to head various governance committees, to oversee payment, audit, and nomination, won shareholders’ approval in June. The directors have said that the concentration of power in Ghosn resulted in the wrongdoing … Read more