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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.

FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

Nissan recalling 300k Versas, Armadas in two separate campaigns

Nissan is issuing two recalls that affect a total of 300,301 vehicles in the US. By far the larger of the two covers 298,747 examples of the 2012-2015 Versa and 2014-2015 Versa Note. The center console trim panel on these vehicles can catch a driver's shoe when it's moving from the acclerator to the brake. The delay could potentially cause an accident. To fix things dealers will modify the part, and owners will start being notified in mid-October. NHTSA has been investigating this issue since 2014. The agency moved it from a preliminary evaluation into an engineering analysis earlier this year. At that time there was one crash with minor injuries, among the complaints of the problem. The second recall covers 1,554 examples of the 2015 Nissan Armada with manufacturing dates between April 30, 2015, and June 5, 2015. On them the driver and front passenger seatbelts might not latch properly, or they might not unlatch when the button is pressed. Dealers will inspect the affected vehicles and replace the necessary assemblies if necessary, and the campaign will start in early October. Related Video: RECALL Subject : Lower Trim Panel may Impede Pedal Operation , 1 INVESTIGATION(S) Report Receipt Date: AUG 12, 2015 NHTSA Campaign Number: 15V507000 Component(s): SERVICE BRAKES, HYDRAULIC , VEHICLE SPEED CONTROL Potential Number of Units Affected: 298,747 All Products Associated with this Recall Vehicle Make Model Model Year(s) NISSAN VERSA 2012-2015 NISSAN VERSA NOTE 2014-2015 Details Manufacturer: Nissan North America, Inc. SUMMARY: Nissan North America, Inc. (Nissan) is recalling certain model year 2012-2015 Nissan Versa sedan vehicles manufactured June 9, 2011, to March 11, 2015, and 2014-2015 Nissan Versa Note vehicles manufactured April 23, 2013, to March 11, 2015. The affected vehicles have a center console trim panel that may catch the driver's shoe and delay the transition from the accelerator pedal to the brake pedal. CONSEQUENCE: A delay in the application of the brake pedal would lengthen the distance needed to stop the vehicle and increase the risk of a crash. REMEDY: Nissan will notify owners, and dealers will modify the console trim panel, free of charge. The recall is expected to begin by mid-October 2015. Owners may contact Nissan customer service at 1-800-647-7261. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.