Mexican Media Brands
Nissan to Revise Earnings Reports to Show Ghosn’s True Pay
Nissan Motor Co. says it will file corrected earnings to reflect 5 billion yen ($44 million) in previously unreported compensation for former Chairman Carlos Ghosn.
#economics
Share
Nissan Motor Co. says it will file corrected earnings to reflect 5 billion yen ($44 million) in previously unreported compensation for former Chairman Carlos Ghosn.
The corrected filings are likely to be reported in February, when Nissan posts its fiscal third-quarter results, sources tell Automotive News. The corrections will adjust results beginning with the 2010 fiscal year.
The corrections will determine the size of Nissan’s obligation to pay Ghosn, but the company also could file a lawsuit to reclaim it, one source tells AN. Until now, Nissan has insisted that it didn’t need to report the additional compensation because the exact amount would be paid in the future and depended upon future performance results.
Now the carmaker is deciding how much deferred income to report and over what period—and whether to book it as a one-time cost or in installments, AN says.
RELATED CONTENT
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.