Mexican Media Brands
Nissan Probe Turns Up Exec Overpayments
Nissan Motor Co. overpaid several of its senior executives by hundreds of thousands of dollars in a compensation plan indexed to the company’s share price, sources tell the Financial Times.
#legal
Share
Nissan Motor Co. overpaid several of its senior executives by hundreds of thousands of dollars in a compensation plan indexed to the company’s share price, sources tell the Financial Times.
The revelation is part of a 10-month probe into Nissan’s governance and finances that was triggered by Ghosn’s arrest last November on suspicion of financial wrongdoing.
A final report on the investigation is expected to be presented to the carmaker’s board of directors on Sept. 9, FT says.
The payments don’t appear illegal but were part of a compensation plan that was “different to what it should have been,” CEO Hiroto Saikawa tells reporters. He describes the scheme as one among many “from the Ghosn era.”
The payments were made to Saikawa, then-chairman Carlos Ghosn and unspecified others, FT says. Saikawa denies asking for extra compensation and has pledged to return any excess funds, pending a company ruling on the policy.
RELATED CONTENT
-
Report: Ghosn Kept List of Hidden Compensation
Japanese prosecutors have found a list apparently created by former Nissan Motor Co. Chairman Carlos Ghosn that charts compensation the company didn’t report but he expected to receive, The Nikkei says.
-
Tesla Sued Over Fatal Crash of Car in Autopilot Mode
Tesla Inc. has been sued by the family of a California man whose Tesla Model X crossover vehicle crashed into a highway barrier last year while the car was operating in semi-autonomous Autopilot mode.
-
Ex-FCA Official Pleads Guilty in Labor Training Fund Scandal
Alphons Iacobelli, a former head of labor relations for Fiat Chrysler Automobiles NV in the U.S., has pleaded guilty of stealing millions of dollars from an employee training fund.