Nissan Motor CEO Hiroto Saikawa is stepping down after an internal company investigation revealed falsified documents that boosted his compensation in 2013 by about $900,000.
after an internal investigation revealed falsified documents that boosted his compensation in 2013 by about $900,000.
"Hiroto Saikawa had indicated recently his willingness to resign," Nissan said in a release Monday. "After discussion, the Board asked him to resign as representative executive officer and CEO of the company, effective September 16, and he accepted.". Nissan expects to announce a successor for Saikawa by October.
Nissan said its internal investigation, originally launched about a year ago to look into former Chairman and CEO Carlos Ghosn and board director Greg Kelly, said Saikawa's problem started when he complained about his pay in 2013. While his pay wasn't adjusted, executives recalculated "the amount of compensation receivable from Saikawa's share appreciation rights that had already been exercised for a fixed amount, and falsified documents to give the appearance that the share appreciation rights in question had in fact been exercised one week after the actual exercise date," according to a five-page summary of the report released Monday.
The report accuses Ghosn and Kelly of concealing $84.8 million in Ghosn's compensation and an additional $21.2 million in "share appreciation rights" for Ghosn.
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