New Nissan boss vows to turn page on financial scandals

Marco Green
December 3, 2019

Nissan Motor Co (7201.T), Renault SA (RENA.PA) and Mitsubishi Motors Corp (7211.T) alliance have agreed to form a new company focusing on the research and development of advanced automotive technology, Kyodo News said.

Ghosn denies wrongdoing. His trial has not started, and the scandal hangs like a shadow over Nissan.

A big task lies ahead of him and his team.

The company has been undergoing a drastic management overhaul since Ghosn was arrested in November past year for alleged financial misconduct.

In October, Nissan named Uchida, then senior vice president in charge of China operations, as president and chief executive officer in a leadership revamp following Hiroto Saikawa's resignation after admitting he was overpaid by an equity-linked remuneration scheme run by the company. Nissan is bracing for its lowest annual profit in 11 years and has slashed its dividend by 65 per cent. That includes strengthening ties with longtime alliance partner Renault. Since Ghosn's ouster as chairman of both companies, Nissan and Renault have squabbled over the selection of Nissan's board members and executives, as well a proposed tie-up between Renault and Fiat Chrysler (FCA) earlier this year, which ultimately failed.

Uchida says Renault and Nissan have respected each other as equal partners for 20 years.

Uchida said he will work to boost sales by launching new models and reviewing Nissan's strategy in the U.S. market.

And the company plans to cut about 12,500 jobs, or about 10 percent of its global workforce.

Other reports by Click Lancashire

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