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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.

Infiniti EV coming in 2021

Infiniti announced that it will offer new electrified vehicles starting in 2021. Nissan CEO Hiroto Saikawa said that its luxury brand will build its first all-electric car in 2021, as well as new "e-Power" vehicles – series hybrids with batteries charged by gasoline generators. Nissan has introduced e-Power vehicles in other markets, including the Note e-Power and the Serena e-Power minivan. Now it will extend that technology to Infiniti, providing a similar driving experience to an EV with the convenience of a gas-powered vehicle. Infiniti also said that we can expect "beautiful vehicles" like the Q Inspiration Concept that debuted at the 2018 Detroit Auto Show. Infiniti doesn't plan on producing the Q Inspiration, but it will certainly influence future vehicles in terms of both styling and technology. The Q Inspiration uses variable compression technology, which the company intends to use to improve efficiency and performance of its gasoline-powered cars. Infiniti expects half of its global sales to be electric vehicles by 2025 (it's not clear whether the automaker is lumping series hybrids into the electric vehicle category). And while there's no way that Infiniti will release a production version of its all-electric Prototype 9 EV, seen above, we'll hold onto that dream anyway. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Nissan's purchase of Mitsubishi is officially official

After the company's announcement in May, the Nissan's purchase of a 34 percent stake in Mitsubishi is now official. The deal cost Nissan $2.3 billion, according to the Wall Street Journal, and brings Mitsubishi into the Nissan-Renault Alliance. The company explained that this new partnership will manifest itself in shared vehicle platforms and technology, joint purchasing, and shared manufacturing. Nissan also said that this purchase will make the company one of the three largest companies by volume in the world. Nissan also emphasized that Mitsubishi will very much be a partner in the current alliance with Renault. In addition, Carlos Ghosn, CEO of both Nissan and Renault, has been nominated to be the new chairman of the Mitsubishi board. With Ghosn at the head of the board, current Mitsubishi president and CEO, Osamu Masuko, will remain in his positions but Nissan's current chief competitive officer will join Masuko as co-chief executive officer at Mitsubishi. With these companies now working together, we'll probably start seeing more commonality between Nissan and Mitsubishi products here in the States. It would also be a great opportunity to get some of Mitsubishi's cooler products here. Perhaps Mitsubishi and Nissan will take our hint about the Delica. This article has been revised to clarify that Nissan Motors purchased the stake in Mitsubishi, not the Nissan-Renault Alliance, and to add the value of the purchase. Related Video: News Source: Nissan, Wall Street JournalImage Credit: Issei Kato / Reuters Mitsubishi Nissan Renault renault-nissan alliance