2007 Nissan Altima 2.5 S on 2040-cars

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Japan prosecutors seek 2 years in prison for ex-Nissan exec Greg Kelly

TOKYO — Japanese prosecutors demanded two years in prison for former Nissan executive Greg Kelly and accused him of joining a “conspiracy” to pay his former boss Carlos Ghosn illicitly in closing arguments Wednesday in a yearlong trial. “That unpaid compensation existed is clear,” prosecutor Yukio Kawasaki told the Tokyo District Court, reading briskly from a thick document. Kelly, a 30-year veteran at the Japanese automaker, was living in the U.S. when he was arrested in November 2018 upon returning to Japan to attend a meeting. The first American to be appointed to NissanÂ’s board, Kelly says he is innocent. He sat calmly in the courtroom, wearing his usual red tie and dark suit, alongside defense lawyers. Everyone in the courthouse was wearing a mask because of the pandemic. Kelly told The Associated Press in an interview last month he did not know all the details of GhosnÂ’s pay. He was determined to retain Ghosn, Nissan's former chairman, because of his extraordinary management skills and wanted to pay him in a legal way, he said. Ghosn was arrested at the same time as Kelly and also maintains he is innocent. He skipped bail in late 2019 and fled to Lebanon, the country of his ancestry. It has no extradition treaty with Japan. The charges center around a pay cut of about 1 billion yen ($10 million) a year that Ghosn voluntarily started taking from 2010, halving his pay after disclosure of high executive pay became mandatory in Japan. Nissan Motor officials considered various ways to make up for the money Ghosn gave up, such as paying him consulting fees after retirement. They also mulled other methods such as payments through subsidiaries and stock options. Nothing had been paid at the time of the arrests. The contention is over whether that money should have been reported as compensation as a de facto promised sum under a binding contract, or didnÂ’t need to be disclosed until it was finalized. Ghosn has said a group at Nissan engineered his arrest because they feared that French automaker Renault, which owns 43% of Nissan, would gain more control over the company. Other Nissan officials made similar comments during KellyÂ’s trial. Renault sent Ghosn to Nissan in 1999 to lead its rescue from the brink of bankruptcy. He successfully steered the maker of the Leaf electric car and Infiniti luxury models for nearly two decades.

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.

2015 Nissan Micra Cup First Drive [w/video]

A light mist falls on the Circuit Mont-Tremblant. Looming gray skies threaten that more wetness is in store. I'm already nervous about scooting a tiny Nissan around a challenging course in rural Quebec. This damp chill isn't helping. It's an unlikely day to drive an improbable racecar: the Nissan Micra, one of the smallest and cheapest cars sold in Canada. Luckily, the weather and my trepidation ease up. Laps around this gorgeous road course prove to be a lot of fun. The Micra isn't a bad little car, and racing them, well, that sounds like a riot. Nissan is using the time-tested tool of motorsports to raise the profile of its new subcompact with the Micra Cup, a spec series that launches with a pair of races the weekend of May 22-24. It will be followed by five more weekend doubleheaders through the summer and into the fall, including a support race before Formula One's Canadian Grand Prix in June. The investment for Nissan is low, and the six races will all be run in Quebec, a province with a European level of motorsports fervor. Despite the damp conditions, I'm eager for my turn to wheel the diminutive Micra around the Circuit Mont-Tremblant, a 15-turn, 2.65-mile course nestled in the Laurentian Mountains of Quebec. Don't be fooled by the idyllic setting, Mont-Tremblant hosted F1 grands prix in 1968 and 1970, Can-Am and Trans-Am races in the 1960s and 70s, and a Champ Car race as recently as 2007. Racing trim suits the Micra, and the car looks snappy dressed in red, white, and gray livery. I climb into the cabin and strap into the racing harness. It's easy to get comfortable in this basic interior. Nerves steadied, I grip the steering wheel, ease the Micra into first gear, let out the clutch, then shift to second and exit the pit lane. Thankfully I'm not the first guy to get out on the track in this car, so the tires are warm. The rain has stopped, but I'm cautious at first. The track surface is still a little slick, and the front-wheel-drive Micra's rear tires can easily come unbuttoned. As I lap the circuit, my confidence grows. My helpful instructor flashes three and four fingers from the passenger seat to indicate the gear I should be in, and then urges me to floor it in open areas. He's more confident than I am, but as I dart around the track, the adrenaline starts flowing. My peak speed is maybe 93 miles per hour, but that's not the point.