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Nissan CEO Saikawa admits he was overpaid, in policy violation

TOKYO — Nissan Motor Co was embroiled in another scandal over executive pay on Thursday after Chief Executive Hiroto Saikawa admitted to being overpaid in violation of internal procedures under a scheme designed by ousted Chairman Carlos Ghosn. An internal investigation found that Saikawa and other executives had received improper compensation, a source with knowledge of the matter told Reuters, raising doubts about Saikawa's pledge to improve governance in the wake of Ghosn's arrest last year for alleged financial misconduct. Saikawa apologized and vowed to return any improperly paid money as he admitted to Japanese reporters earlier on Thursday that he had wrongly received stock-related compensation under "a scheme of the Ghosn era." "I am deeply sorry for causing concern," Saikawa said, according to Jiji Press. In other comments reported by Kyodo news, Saikawa denied any direct role in the execution of a stock appreciation rights (SAR) scheme and said he thought "proper procedures" had been taken. The improper payments, including tens of millions of yen Saikawa received through the SAR scheme, were disclosed on Wednesday at a meeting of Nissan's audit committee, said the source who declined to be identified because the information is not public. Disciplinary action regarding the issue would be discussed at an upcoming board meeting, the source added. Nissan said in a statement that the findings from its probe including issues related to the share appreciation rights would be submitted to its board on Sept. 9. The company has been trying to strengthen governance, slash costs and boost flagging profitability amid persistent allegations of financial misconduct stemming from Ghosn's 20-year reign at Japan's second-biggest automaker. Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan. Kyodo reported that proceedings could start as early as March. He denies any wrongdoing and says he is the victim of a boardroom coup. Confidence in Saikawa had already been shaken by accusations he was too close to Ghosn, whose arrest in November rocked the global auto industry and exposed tensions in the automaking partnership between Nissan and Renault SA.

2013 Nissan Juke Nismo is the runabout we've always wanted

The 2013 Nissan Juke Nismo has officially bowed at the 2013 Chicago Auto Show. Wearing a full body kit that serves up 37-percent more downforce than the standard front and rear fascias, the tuned hatchback also comes equipped with larger 18-inch wheels and a lowered suspension. Up front, LED daytime running lights join the festivities as well as contrasting side-view mirror covers and wider fender flares. Inside, buyers can expect to find a new sports steering wheel clad in Alcantara, as well as a set of Nismo seats stitched with red accents.
Nismo also cranked up the power on the Juke's turbocharged direct-injection 1.6-liter four-cylinder engine. The Juke Nismo delivers 197 horsepower and 184 pound-feet of torque, compared to the 188 hp and 177 lb-ft available in stock configuration. Buyers can have the engine with either a six-speed manual transmission or CVT gearbox, and the Juke Nismo can also be had with either all-wheel drive or front-wheel drive. Check out the full press release below for more information.

Nissan ZEOD RC on track and from behind the wheel

The Nissan ZEOD RC hybrid racecar has had mixed success in its competition life. It was invented to do a completely electric, high-speed lap at the 24 Hours of Le Mans, which it was able to do in practice. However, when the big event actually came, the car lasted less than an hour before it had to bow out with transmission issues. Nissan hasn't completely given up on its experiment, though. The experience (and possibly some of the tech) is going to help with the GT-R LM racer next year, and now the ZEOD is getting its chance to see how it handles the Top Gear test track.
Unfortunately, it's not The Stig piloting the ZEOD; instead, the magazine's motoring editor Ollie Marriage is the lucky man for the job. The car's sharp shape seems to be a good metaphor for how it handles because it just seems to dart around the track. Its tiny, turbocharged 1.5-liter engine with 400 horsepower and two electric motors put out a claimed 750 horsepower, and that seems like plenty for the relatively short Top Gear course.
As usual of Top Gear, the cinematography here is fantastic, and a second video shows off a single lap of the course from around the car. It's amazing to watch, especially with its big screen constantly showing the camera view out of the rear. Scroll down to see both.