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Nissan board meets but doesn't pick a replacement for Ghosn

YOKOHAMA, Japan — Nissan's board met Monday but failed to pick a new chairman to replace Carlos Ghosn, who was arrested last month on charges of violating financial regulations, saying more discussion was needed. Nissan Motor Co. Chief Executive Hiroto Saikawa told reporters that the board approved a special committee of outsiders to strengthen governance at the company. A date for the selection of a chairman was not decided. "We plan to be cautious in this process, and I do not plan to rush this," Saikawa said. The recommendations for beefing up governance are due in March, and Saikawa said he was willing to wait until then to choose a chairman. The board meeting came amid an unfolding scandal that threatens the Japanese automaker's two-decade alliance with Renault SA of France and its global brand, and highlights shoddy governance at the manufacturer of the Leaf electric car. Related: Carlos Ghosn coup theory grows: Did Nissan set him up for a fall? Ghosn and another board member Greg Kelly were formally charged last week with falsifying financial reports in underreporting Ghosn's income by about 5 billion yen ($44 million) from 2011 to 2015. They were arrested Nov. 19 by Tokyo prosecutors and remain in detention. A source close to Ghosn's family says Ghosn is innocent, as the alleged income was never decided upon or paid. Aubrey Harwell, the U.S. lawyer for Kelly, an American, says he is innocent, and that Nissan insiders and outside experts had advised him that the financial reporting was proper. The chairman must be selected from among the board members. Three outside board members — race-car driver Keiko Ihara; Masakazu Toyoda, an academic; and Jean-Baptiste Duzan, formerly of Renault — are making that decision. The special committee for governance includes the three outside board members and four other outsiders, including former judge Seiichiro Nishioka. One candidate for chairman is Saikawa, who was hand-picked by Ghosn to succeed him as chief executive. He has denounced Ghosn and Kelly as the "masterminds" in a scheme to falsify income reports and abuse company money and assets. Renault has kept Ghosn as chief executive and chairman, saying its investigation has not found wrongdoing in the awarding of Ghosn's compensation. Saikawa called on directors at Renault to heed its reasons for sacking Ghosn, but Renault's interim chairman Philippe Lagayette said on Friday that its board had not considered a replacement.

Nissan will reduce its presence in Europe as part of turnaround plan

TOKYO — Nissan is planning to further reduce its presence in Europe and outsource the sales and manufacturing of its cars to alliance partner Renault, the daily Yomiuri newspaper reported on Friday. As part of its global turnaround plan, which is reversing a rapid expansion led by the ousted former chairman, Carlos Ghosn, Nissan will cut its distribution channels in thirty countries, mainly in East Europe. It is also planning to close its Avila plant in Spain and convert it into a warehouse, the report said. The report didn't provide details of the scale of the outsourcing. Calls to Nissan's public relations office went unanswered on Friday, a public holiday in Japan. The Japanese motor company is currently moving its operations away from Europe and shifting its focus to China, the United States, and Japan. Nissan, which expects to post a record operating loss of 340 billion yen ($3.25 billion) in the year to March 31, is cutting production capacity and model numbers by a fifth and aims to slash operating expenses by 300 billion yen over three years. The company's three-way alliance with Renault and Mitsubishi Motor was plunged into uncertainty in 2018, when Ghosn was arrested on financial misconduct charges, which he denies. He later fled Japan while being monitored by law enforcement and awaiting trial at his residence.

In case you forgot, the Dubai Police supercar fleet is the coolest

Ever wonder why the Dubai Police have a fleet of vehicles worth millions and millions and millions of dollars? Why it has a Bugatti Veyron and a Bentley Continental and a Mercedes-Benz SLS AMG with sirens and light bars? Well, here's the reason. This video shows the fleet on display on the Emirate's roads and highways, while also reaching out to the people the police are meant to protect. It's an impressive display of machinery, to be sure. Alongside the Bentley, Bugatti and Mercedes, we spy a Ferrari FF, a Brabus G-Wagen, a BMW M6, a Nissan GT-R, an Audi R8 and a McLaren MP4-12C (although the latest Dubai Police car, the Lexus RC F, is absent). The video even has a very cinematic look and feel to it, which works well with the night scenes and the blues-and-twos of the exotics cruisers. News Source: Dubai Police via YouTube Audi Bentley BMW Bugatti Ferrari McLaren Mercedes-Benz Nissan Luxury Performance Videos dubai ferrari ff mclaren 12c