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Nissan CEO Saikawa admits he was overpaid, in policy violation

TOKYO — Nissan Motor Co was embroiled in another scandal over executive pay on Thursday after Chief Executive Hiroto Saikawa admitted to being overpaid in violation of internal procedures under a scheme designed by ousted Chairman Carlos Ghosn. An internal investigation found that Saikawa and other executives had received improper compensation, a source with knowledge of the matter told Reuters, raising doubts about Saikawa's pledge to improve governance in the wake of Ghosn's arrest last year for alleged financial misconduct. Saikawa apologized and vowed to return any improperly paid money as he admitted to Japanese reporters earlier on Thursday that he had wrongly received stock-related compensation under "a scheme of the Ghosn era." "I am deeply sorry for causing concern," Saikawa said, according to Jiji Press. In other comments reported by Kyodo news, Saikawa denied any direct role in the execution of a stock appreciation rights (SAR) scheme and said he thought "proper procedures" had been taken. The improper payments, including tens of millions of yen Saikawa received through the SAR scheme, were disclosed on Wednesday at a meeting of Nissan's audit committee, said the source who declined to be identified because the information is not public. Disciplinary action regarding the issue would be discussed at an upcoming board meeting, the source added. Nissan said in a statement that the findings from its probe including issues related to the share appreciation rights would be submitted to its board on Sept. 9. The company has been trying to strengthen governance, slash costs and boost flagging profitability amid persistent allegations of financial misconduct stemming from Ghosn's 20-year reign at Japan's second-biggest automaker. Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan. Kyodo reported that proceedings could start as early as March. He denies any wrongdoing and says he is the victim of a boardroom coup. Confidence in Saikawa had already been shaken by accusations he was too close to Ghosn, whose arrest in November rocked the global auto industry and exposed tensions in the automaking partnership between Nissan and Renault SA.

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Nissan Sport Sedan Concept foretells a future Maxima

Nissan is in the midst of overhauling its design language. We got our first glimpse at the direction its style was going a year ago with the Resonance crossover concept, which was followed in Shanghai by the connected-car Friend-Me hatchback concept. And now, after dropping a few hints, Nissan has revealed the third in this developing series.
Unveiled at today's Detroit Auto Show, the new Sport Sedan Concept applies many of the same design elements we've seen on Nissan's previous show cars to a more conventional four-door shape. But far from a design exercise, the decidedly uncreatively named Sport Sedan Concept previews "a future production sports sedan," which has every indication of being the next Maxima.
Its dimensions reveal the concept to be bigger than the current Maxima in every direction but height, with that visual impression further entrenched by a floating roof design that combines with a high waistline to give a coupe-like profile. There are also sharp creases in the bodywork that visually break up the space between the rear set of 21-inch alloys and the tapered greenhouse. The shape is further punctuated by the V-shaped grille and distinctly Nissan boomerang-shaped lights that lend a face to this distinctly Japanese design that was penned in California and honed back in Japan. The sharp and simple cabin is characterized by a high-contrast palette with quilted leather and metallic trim.