Nissan is apparently about to fire Carlos Ghosn for “significant acts of misconduct” – apparently financial.
Looks like he had been compensating himself out of company funds.
“Numerous other (acts of misconduct) have been uncovered, such as personal use of company assets,” says a statement issued by Nissan. CEO Hiroto Saikawa will propose to Nissan’s board of directors to “promptly remove Ghosn from his positions as chairman and representative director.”
The news caused a big but likely temporary dip in the value of Nissan stock.
It’s possible Nissan will do better without Ghosn. Maybe his replacement will be more of a car guy as well as more honest. Ghosn – like almost all of the other heads of the proverbial Five Families – fully embraced the EV tar baby and has been pushing “electrification,” which of course he (and they) must – because pushing it is the only way to get most people into EVs, in the manner of getting corn meal down the gullet of a pate de foi gras goose!
Maybe someone like Sergio Marchionne can be found. The problem, of course, is that the Five Families aren’t looking for guys like Sergio anymore . . .
. . .
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I am trying to figure out what this guy’s big crime was. It appears that he ‘understated income’ which I assume is some sort of public traded stock reporting requirement. If so ok, but it doesn’t seems to be a technical detail rather than one which would have negatively impacted shareholders. Use of company equipment is also vague. Did he borrow a power tool over the weekend? Maybe a car? Did he take a light bulb out of the scrap bin for his own vehicle? It could be something very trivial. The news reports don’t give any indication of scale. The whole thing just smells of someone who wanted him gone got enough of an upper hand to have selective enforcement kick in.
Looks like he even got arrested. Didn’t say where though.
https://www.reuters.com/article/us-nissan-ghosn/nissans-ghosn-to-be-arrested-in-japan-for-under-reporting-salary-media-idUSKCN1NO0Q9
ah, japan. Would have been nice had it made the article rather then the web address……
Good riddance. Nissan has been total crap under his watch.
Their cars have been crap but their profits are doing great. They’ve become the fleet car of choice and the lowest price in their market.
Wow interesting. I’m on their Nissan feed on Linkedin ragging on their EVs and lack of Xterra replacement. Just about every post or media release about their weak/fake EV accomplishments had his smiling face, not to mention ones about automated vehicles rah rah rah.