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Nissan shareholders oust Carlos Ghosn from board of directors

TOKYO — Nissan's shareholders approved on Monday the ouster from the Japanese automaker's board of its former chairman, Carlos Ghosn, who is facing allegations of financial misconduct. The approval, which was expected, was indicated by applause from the more than 4,000 people gathered at a Tokyo hotel for a three-hour extraordinary shareholders' meeting. Other votes had been submitted in advance. Ahead of the vote, Nissan's top executive apologized to shareholders for the scandal at the Japanese automaker and asked them to approve Ghosn's dismissal. Chief Executive Hiroto Saikawa and other Nissan executives bowed deeply in apology to shareholders attending the extraordinary meeting at a Tokyo hotel. Shareholders also approved the appointment of French alliance partner Renault SA's Chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Senard, introduced to shareholders at the meeting's end, thanked them and promised to do his best to keep the automaker's performance on track. "I will dedicate my energy to enhance the future of Nissan," said Senard. The shareholders also gave a green light to removing from the board a former executive direct, Greg Kelly, who has been charged with collaborating with Ghosn in the alleged misconduct. Angry shareholders demanded an explanation for how wrongdoing on an allegedly massive scale had gone unchecked for years. The meeting was closed except to stockholders but livestreamed. One shareholder said Nissan's entire management should resign immediately. Saikawa said he felt his responsibility lay in fixing the shoddy corporate governance at Nissan first, and continuing to lead its operations. Another shareholder asked if Nissan was prepared for a damage lawsuit from shareholders since its stock price has plunged. "I deeply, deeply apologize for all the worries and troubles we have caused," Saikawa said. "This is an unprecedented and unbelievable misconduct by a top executive." He outlined the findings of an internal investigation, such as payments of a consultation fee to Ghosn's sister for 13 years. The investigation has also found too much power had been focused in one person, he said. Ken Miyamoto, 65, a Nissan shareholder, said he was disappointed. "It is really such a pity as he was a brilliant manager," Miyamoto said of Ghosn before heading into the meeting.

France could reduce its Renault stake to solidify partnership with Nissan

French Finance Minister Bruno Le Maire said France is ready to cut its stake in Renault in order to consolidate Renault's partnership with Nissan, Agence France Press (AFP) reports. Le Maire said Paris, which has a 15% stake in Renault, might consider reducing its stake, if it led to a "more solid" alliance between the Japanese and French firms, the French news agency reported, citing an interview with the minister. "We can reduce the state's stake in Renault's capital. This is not a problem as long as, at the end of the process, we have a more solid auto sector and a more solid alliance between the two great car manufacturers Nissan and Renault," he told AFP. Le Maire had earlier said the French government was open to tie-ups involving Renault as long as French industrial interests were protected, and would consider any Renault deal with Fiat Chrysler that respected the French firm's alliance with its Japanese partner Nissan. Fiat on Thursday abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker behind Japan's Toyota and Germany's Volkswagen. The French government had welcomed the merger plan, but overplayed its hand by pushing for a series of guarantees and concessions that eventually exhausted the patience of FCA, sources told Reuters. Renault and Nissan were not immediately available to respond to a request seeking comment. (Reporting by Mekhla Raina in Bengaluru; editing by Richard Pullin and Elaine Hardcastle)

Kaz and Shiro talk Gran Turismo 7 details, Titan Nismo and more in AMA

One of the greatest innovations to come about thanks to the gigantic popularity of Reddit is the Ask Me Anything (AMA) question and answer format. The AMA becomes especially worthwhile, of course, when the person(s) answering the questions have detailed information or insight on products we love.
So, in the case of the recent AMA session with Gran Turismo creator and mastermind Kazunori Yamauchi (above), and his buddy and Nissan chief designer Shiro Nakamura (right), it was basically must-read stuff.
The pair really lived up to our expectations, too, with Kaz offering a lot of useful information about the future of the Gran Turismo franchise (especially the upcoming GT7 for Playstation 4), and Shiro promising to bring some interesting new ideas back to his colleagues at Nissan.