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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.

Infiniti's fastback 2021 QX55 crossover shows its stylish rear end

First announced in August 2019, the Infiniti QX55 will finally make its global debut on Tuesday, November 17. Nissan's luxury division released a preview image that gives us the best look yet at the next addition to its range. The QX55 is closely related to the QX50 crossover under the sheetmetal, but it stands out from its more family-friendly sibling with a rakish, fastback-like roofline that will inevitably attract the coupe label. It will be to the QX50 what the BMW X4 is to the X3. Although we haven't seen its front fascia yet, Infiniti's preview image shows the rear end wears horizontal LED lights that stretch deep into the quarter panels, along with a roof-mounted spoiler. We were pleasantly surprised by the QX50's upmarket interior, so we're expecting a comparable degree of opulence in the QX55. It's too early to tell if Infiniti will simply copy the 50's cabin layout and paste it inside the 55, or if the latter will receive a look of its own. Similarly, technical specifications won't be published until the model's introduction. We expect that the VC Turbo four-cylinder engine, which was a finalist for the 2019 Autoblog Tech of the Year award, will appear on the roster. All-wheel drive will certainly be available, and Infiniti may offer an entry-level variant with front-wheel drive. Infiniti will present the 2021 QX55 online Tuesday during an event that will star singer Aloe Blacc. It will stream the concert-unveiling cross on its various social media platforms starting at 8:55 p.m. Eastern time, 5:55 p.m. Pacific time. Built in Mexico, the model will arrive in American showrooms in early 2021 with a base price pegged above $40,000. What's next? The QX55 will stand out as the first model released under Infiniti's Nissan-Plus strategy, which was presented as a way to cut costs and boost profits by increasing the number of components it shares with its parent company. However, leaning more heavily on Nissan will not dilute its image or its products, according to executives. Stylists are in the process of overhauling Infiniti's design language, and the brand's reboot will put a major emphasis on technology. Looking ahead, the QX will be followed by the next-generation QX60, which is tentatively due out in 2021 as a 2022 model, and by the company's first series-produced electric car. Related Video:

Nissan recovery to focus on U.S., Japan, China markets

Nissan will pull back from Europe and elsewhere to focus on the United States, China and Japan under a plan that represents a new strategic direction for the embattled carmaker, people with direct knowledge of the plan told Reuters. The "operational performance plan" is due to be announced on May 28 and goes beyond fixing problems from ousted leader Carlos Ghosn's aggressive expansion drive, the people said. The company's struggles predate the current global economic shutdown. Nissan's 2019 sales slumped severely.  Nissan was already planning to implement what was described as a "do or die" plan in January, before the global coronavirus pandemic froze automotive production and sales worldwide.  Pursuit of market share, particularly in the United States, led to steep discounting and a cheapened brand. Under the new, three-year plan — reported here for the first time — Nissan aims to restore dealer ties and refresh lineups to regain pricing power and profitability, the people told Reuters. "This is not just a cost-cutting plan. We're rationalizing operations, reprioritizing and refocusing our business to plant seeds for the future," one of the people said. The plan also aims to cut competition and expand cooperation with alliance partners, the people said. Nissan will follow Mitsubishi in plug-in electric hybrid vehicle technology, with the smaller peer taking the lead in Asian markets outside China and Japan. France's Renault will likely focus on electrical vehicle technologies and Europe. Nissan and Mitsubishi declined to comment. Renault did not immediately respond to a request for comment. The plan, led mainly by Chief Operating Officer Ashwani Gupta rather than Nissan's low-key chief executive, Makoto Uchida, is aimed at freeing resources to invest in products and technology for the United States, China and Japan, the people said. "The net effect is even though we reduce our R&D spend this year versus last year and make other savings, we pump those freed-up resources back into core markets and core products," said one of the people, who declined to be identified as they were not authorized to speak with media on the matter. The plan is likely to take up to two weeks to be finalized, with sales and earnings targets complicated by the anticipated long-term impact on auto sales of government measures worldwide taken to stop the coronavirus outbreak, the people said.