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Nissan CEO Hiroto Saikawa resigns, successor to be named

YOKOHAMA, Japan — Nissan Chief Executive Hiroto Saikawa tendered his resignation Monday after acknowledging that he had received dubious income and vowed to pass the leadership of the Japanese automaker to a new generation. Board member Yasushi Kimura told reporters at an evening news conference at company headquarters in Yokohama that the board has approved Saikawa's resignation, effective Sept. 16, and a successor will be appointed next month. A search is underway, he added. Calls for Saikawa's resignation, which arose after the arrest last year of his predecessor, Carlos Ghosn, on various financial misconduct allegations, have grown louder after Saikawa acknowledged last week that he had received dubious payments. The income was linked to the stock price of Nissan Motor Co., and he has said his pay got inflated by illicitly adjusting the date for cashing in. The automaker's board met to look into the allegations against Saikawa, as well as other issues related to Ghosn's allegations and corporate ethics at the company. Kimura said the income Saikawa had received was confirmed as "not illegal." Ghosn, who is out on bail and awaiting trial, says he's innocent. Kimura and three other board members, who all have backgrounds outside the company, said their investigation of the scandal over Ghosn's arrest found that alleged misconduct by Ghosn and Greg Kelly, a former board member who was also arrested, had caused 35 billion yen ($350 million) in damage to the company. Nissan will seek a repayment of the damages, Kimura said. The board said about 10 candidates are being considered as a replacement for Saikawa. They did not identify them, but said outsiders and non-Japanese are on the list. Until a successor is decided, Chief Operating Officer Yasuhiro Yamauchi will serve as interim chief, the board said. Saikawa has not been charged. "I have been trying to do what needs to be done so that I can pass the baton over as soon as possible," he told reporters earlier in the day, referring to his willingness to leave his job. Saikawa did not appear at the news conference initially, but the four board members who led the event said he would later. Saikawa has said he didn't know about the improprieties, promised to return the money and blamed the system he said Ghosn had created at Nissan for the dubious payments. Japanese media reports said Saikawa had received tens of millions of yen (hundreds of thousands of dollars) in extra compensation.

Weekly Recap: New bosses try to jump-start Cadillac and Lincoln

Both of America's domestic luxury brands seem to be stuck in neutral.
It's ironic that Cadillac and Lincoln got new bosses within days of each other this month. It's also a commentary on the fact both of America's domestic luxury brands seem to be stuck in neutral.

2019 Infiniti QX60 and QX80 Limited, now with more chrome, Alcantara

Just ahead of the New York Auto Show, we get our first glimpse at new trims on the 2019 Infiniti QX60 and the refreshed 2019 Infiniti QX80. The Limited trim is the range topping spec for both crossovers and adds some new colors, trims and visual changes you won't find on lower-tier models. Pricing hasn't been announced, but the new models will be on sale this summer. The QX60 is Infiniti's best-selling model. The 2019 QX60 Limited has a new dark chrome finish on the grille, fog lights and door moldings. The roof rails, cross bars and rear bumper also get a darker finish. There are new 20-inch wheels that are exclusive to the Limited model. Inside, the QX60 Limited gets new trim with contrasting stitching, leather-wrapped grab handles, dark silver wood accents, quilted leather seats and door panels, and unique floor and cargo mats. Similar treatments can be found on the 2019 QX80. The Limited model gets 22-inch wheels, stainless-steel running boards, satin chrome trim and roof rails, and a unique design on the front and rear bumpers. There's also one exclusive paint color, Anthracite Gray. Inside, the QX80 Limited has a two-tone leather and Alcantara interior. It also gets some slick looking matte-silver wood trim. Other features include illuminated kick plates, puddle lights and special floor and cargo mats. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.