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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.

2014 Infiniti Q50 priced from $36,450*

With the 2014 Infiniti Q50 going on sale this summer, Infiniti has finally released pricing for its all-new and newly named sedan. In base form, the Q50 will start at $36,450 (*including $905 for destination and handling), which represents a drop of $900 compared to the current G37 Sedan.
In standard form, the Q50 is available in base, Premium and Sport trim levels with each offering the option of all-wheel drive for an additional $1,800. All gas-only Q50s come with the automaker's excellent 3.7-liter V6 engine, but stepping over to the Q50 Hybrid gets you a smaller 3.5-liter V6 paired with an electric motor. The Q50 Hybrid, which is available in Premium and Sport trim levels only, will begin at $43,700 for a rear-wheel-drive Sport model.
Potential buyers who preorder and ultimately purchase a Q50 during the unspecified "program period" will also get a free iPad mini. Scroll down for the official press release breaking down all trim levels and price points.

Analyzing De Nyscchen's 25-year comeback plan for Infiniti

"It took us 25 years to bring Audi back in the US. This kind of thing takes a long time."
When Johan De Nysschen left his post at Audi of America last year to take the seemingly thankless job of leading Infiniti's global operations, it seemed like a familiar scenario. Like Michael Dukakis going from one of two men that could have won the White House to teaching political science at an obscure Florida college.