Nissan CEO Hiroto Saikawa will be stepping down shortly, its board said on Monday, amid accusations of financial irregularities as the carmaker reels from the arrest and ouster of former <a href="https://www.wionews.com/world/wife-of-nissans-former-boss-carlos-ghosn-seeks-donald-trump-help-228006">boss Carlos Ghosn</a>.

"After the board discussion, the board asked Mr Saikawa to step down from the CEO position. Mr Saikawa accepted this," Yasushi Kimura, chair of the board of directors, told reporters.

Hiroto Saikawa's reported decision to step down comes days after he admitted receiving overpayments, and is the latest blow to the firm <a href="https://www.wionews.com/world/police-search-ex-nissan-chief-ghosns-home-over-marriage-celebrations-in-palace-of-versailles-226999">after Ghosn's arrest</a> and ouster.

The current chief operating officer, Yasuhiro Yamauchi, will take over as acting CEO on September 16, when Saikawa officially leaves, added Kimura.

According to reports in the local media on Monday, Saikawa is suspected of improperly adding $440,000&nbsp;to his compensation by altering the terms of a bonus.

Another board member, Motoo Nagai, said that there was "no illegality" to what Saikawa did but he should not have delegated elements of his pay to another executive.

"At the end of the day, the operation which should have been carried out by the president himself was carried out, delegated to others, which is a violation of the rules," said Nagai.

The audit was launched in the wake of the Ghosn scandal but appears to have implicated Saikawa and other executives for receiving excess pay as part of a scheme under which directors can earn a bonus if their company's share price rises above a certain level in a set period.

Saikawa had apologised last week while denying any wrongdoing.

"I left the issue to someone else so I had thought it was dealt with in an appropriate manner," he told reporters.

The carmaker is currently undergoing an overhaul intended to strengthen governance after the Ghosn scandal.

In June, Nissan shareholders voted in favour of various measures including the establishment of three new oversight committees responsible for the appointment of senior officials, pay issues and auditing.

Nissan CEO Hiroto Saikawa will be stepping down shortly, its board said on Monday, amid accusations of financial irregularities as the carmaker reels from the arrest and ouster of former boss Carlos Ghosn.

Nissan CEO Hiroto Saikawa will be stepping down shortly, its board said on Monday, amid accusations of financial irregularities as the carmaker reels from the arrest and ouster of former boss Carlos Ghosn. "After the board discussion, the board asked Mr Saikawa to step down from the CEO position. Mr Saikawa accepted this," Yasushi Kimura, chair of the board of directors, told reporters. Hiroto Saikawa's reported decision to step down comes days after he admitted receiving overpayments, and is the latest blow to the firm after Ghosn's arrest and ouster. The current chief operating officer, Yasuhiro Yamauchi, will take over as acting CEO on September 16, when Saikawa officially leaves, added Kimura. According to reports in the local media on Monday, Saikawa is suspected of improperly adding $440,000 to his compensation by altering the terms of a bonus. Another board member, Motoo Nagai, said that there was "no illegality" to what Saikawa did but he should not have delegated elements of his pay to another executive. "At the end of the day, the operation which should have been carried out by the president himself was carried out, delegated to others, which is a violation of the rules," said Nagai. The audit was launched in the wake of the Ghosn scandal but appears to have implicated Saikawa and other executives for receiving excess pay as part of a scheme under which directors can earn a bonus if their company's share price rises above a certain level in a set period. Saikawa had apologised last week while denying any wrongdoing. "I left the issue to someone else so I had thought it was dealt with in an appropriate manner," he told reporters. The carmaker is currently undergoing an overhaul intended to strengthen governance after the Ghosn scandal. In June, Nissan shareholders voted in favour of various measures including the establishment of three new oversight committees responsible for the appointment of senior officials, pay issues and auditing.

After Ghosn, Nissan CEO Hiroto Saikawa to step down over financial irregularities accusation

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 apologised and vowed to return any improperly paid funds 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.

The company launched its internal investigation after Japanese magazine Bungei Shunju in June published accusations by former director Greg Kelly that Saikawa was granted an exception in 2013 to reschedule a stock-linked bonus that bumped up the payout by 47 million yen ($445,962).

Like Ghosn, Kelly is awaiting trial on charges of financial misconduct which he denies.

The latest compensation issue could exacerbate tensions with top shareholder Renault, after a failed attempt by the French automaker to secure a full merger with Nissan and to combine Renault with Fiat Chrysler (FCA). Saikawa opposed both plans.

Renault spokesman Frederic Texier declined to comment on the issue on Thursday. But a source close the company said Renault would "respect Nissan's governance" and leave the board to consider its response.

The alliance partners are discussing reforms that could win Nissan's support for a renewed FCA-Renault tie-up, including a potential reduction to Renault's 43.4% stake in Nissan.

Saikawa was re-appointed by shareholders with the lowest approval rating among the 11 directors in June.

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.

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 apologised and vowed to return any improperly paid funds 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. The company launched its internal investigation after Japanese magazine Bungei Shunju in June published accusations by former director Greg Kelly that Saikawa was granted an exception in 2013 to reschedule a stock-linked bonus that bumped up the payout by 47 million yen ($445,962). Like Ghosn, Kelly is awaiting trial on charges of financial misconduct which he denies. The latest compensation issue could exacerbate tensions with top shareholder Renault, after a failed attempt by the French automaker to secure a full merger with Nissan and to combine Renault with Fiat Chrysler (FCA). Saikawa opposed both plans. Renault spokesman Frederic Texier declined to comment on the issue on Thursday. But a source close the company said Renault would "respect Nissan's governance" and leave the board to consider its response. The alliance partners are discussing reforms that could win Nissan's support for a renewed FCA-Renault tie-up, including a potential reduction to Renault's 43.4% stake in Nissan. Saikawa was re-appointed by shareholders with the lowest approval rating among the 11 directors in June.

Nissan probe finds CEO Saikawa, other executives overpaid in compliance failure: Report

A proposed merger between <a href="https://www.wionews.com/business-economy/fiat-chrysler-confirms-merger-talks-with-renault-221892">Renault and Fiat-Chrysler remains a "good opportunity</a>," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris.

"A merger project with FCA remains a good opportunity," Bruno Le Maire told reporters in Tokyo, where he is meeting Japanese officials after this weekend's gathering of G20 finance ministers.

But he said any merger would have to ensure the "durability" of Renault's alliance with Japanese automakers Nissan and Mitsubishi Motors, as well as preserve manufacturing jobs in France.

On May 27, FCA stunned the auto world with a proposed "merger of equals" with Renault that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- create a car giant spanning the globe.

A combined group would be by far the world's biggest, with total sales of some 15 million vehicles, compared to both Volkswagen and Toyota which sell around 10.6 million apiece.

But FCA pulled the plug on the deal suddenly last week, saying negotiations had become "unreasonable" due to political resistance in Paris.

On Saturday, Le Maire told AFP that Paris might consider reducing the state's 15-per cent stake in Renault if it led to a "more solid" alliance between the firm and its Japanese partners.

And he said Renault should focus on shoring up its relationship with Nissan, which has soured since the arrest of the alliance's chief Carlos Ghosn on financial misconduct charges, before pursuing mergers with other firms.

"Otherwise, everything risks collapsing like a house of cards," he warned in the interview on the sidelines of the G20 finance ministers meeting.

In the latest sign of deteriorating ties between the alliance partners, Nissan said Monday that Renault plans to block the Japanese firm's plans to overhaul its governance structure.

Nissan CEO Hiroto Saikawa said Renault had informed the company in a letter that it would abstain from a vote on the overhaul, effectively denying the measure the two-thirds majority needed to pass.

"Nissan finds Renault's stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance," Saikawa said in a statement.

The measures would introduce three governance committees intended to improve oversight at Nissan, but Renault reportedly fears the changes would reduce its influence.

Le Maire declined to comment directly on the spat but urged reconciliation.

"The management of Renault and the management of Nissan must resolve their difficulties and misunderstandings as soon as possible," he said Monday.

A proposed merger between Renault and Fiat-Chrysler remains a "good opportunity," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris.

A proposed merger between Renault and Fiat-Chrysler remains a "good opportunity," France's finance minister said Monday after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris. "A merger project with FCA remains a good opportunity," Bruno Le Maire told reporters in Tokyo, where he is meeting Japanese officials after this weekend's gathering of G20 finance ministers. But he said any merger would have to ensure the "durability" of Renault's alliance with Japanese automakers Nissan and Mitsubishi Motors, as well as preserve manufacturing jobs in France. On May 27, FCA stunned the auto world with a proposed "merger of equals" with Renault that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- create a car giant spanning the globe. A combined group would be by far the world's biggest, with total sales of some 15 million vehicles, compared to both Volkswagen and Toyota which sell around 10.6 million apiece. But FCA pulled the plug on the deal suddenly last week, saying negotiations had become "unreasonable" due to political resistance in Paris. On Saturday, Le Maire told AFP that Paris might consider reducing the state's 15-per cent stake in Renault if it led to a "more solid" alliance between the firm and its Japanese partners. And he said Renault should focus on shoring up its relationship with Nissan, which has soured since the arrest of the alliance's chief Carlos Ghosn on financial misconduct charges, before pursuing mergers with other firms. "Otherwise, everything risks collapsing like a house of cards," he warned in the interview on the sidelines of the G20 finance ministers meeting. In the latest sign of deteriorating ties between the alliance partners, Nissan said Monday that Renault plans to block the Japanese firm's plans to overhaul its governance structure. Nissan CEO Hiroto Saikawa said Renault had informed the company in a letter that it would abstain from a vote on the overhaul, effectively denying the measure the two-thirds majority needed to pass. "Nissan finds Renault's stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance," Saikawa said in a statement. The measures would introduce three governance committees intended to improve oversight at Nissan, but Renault reportedly fears the changes would reduce its influence. Le Maire declined to comment directly on the spat but urged reconciliation. "The management of Renault and the management of Nissan must resolve their difficulties and misunderstandings as soon as possible," he said Monday.

Fiat-Renault merger 'good opportunity': France's finance minister

A Japanese court has barred <a href="http://www.wionews.com/world/carlos-ghosn-wants-to-attend-nissan-board-meeting-report-202476">Carlos Ghosn from attending a Nissan board meeting</a>, local media reported on Monday, as the bailed former chairman prepares his defence against charges of financial misconduct.

Ghosn wanted to attend a Tuesday meeting at the company's headquarters in the city of Yokohama, Kyodo news agency reported, citing one of his lawyers.

Nissan removed Ghosn as chief shortly after his shock November 19 arrest, but he cannot be officially removed from his seat on the board without a shareholder meeting.

Under the terms of his release, he is forbidden from contacting people who could be involved in his case, including Nissan executives likely to attend board meetings, such as CEO Hiroto Saikawa.

Ghosn, who paid nearly $9 million in bail money, must also live in a residence that is monitored from the outside by camera, and can only access a non-internet connected computer at his lawyer's office.

The 65-year-old was released on bail on March 6 after more than 100 days in detention.

He faces three charges of financial misconduct over allegations he under-reported his compensation and sought to transfer personal losses to Nissan's books.

A Japanese court has barred Carlos Ghosn from attending a Nissan board meeting, local media reported on Monday, as the bailed former chairman prepares his defence against charges of financial misconduct.

A Japanese court has barred Carlos Ghosn from attending a Nissan board meeting, local media reported on Monday, as the bailed former chairman prepares his defence against charges of financial misconduct. Ghosn wanted to attend a Tuesday meeting at the company's headquarters in the city of Yokohama, Kyodo news agency reported, citing one of his lawyers. Nissan removed Ghosn as chief shortly after his shock November 19 arrest, but he cannot be officially removed from his seat on the board without a shareholder meeting. Under the terms of his release, he is forbidden from contacting people who could be involved in his case, including Nissan executives likely to attend board meetings, such as CEO Hiroto Saikawa. Ghosn, who paid nearly $9 million in bail money, must also live in a residence that is monitored from the outside by camera, and can only access a non-internet connected computer at his lawyer's office. The 65-year-old was released on bail on March 6 after more than 100 days in detention. He faces three charges of financial misconduct over allegations he under-reported his compensation and sought to transfer personal losses to Nissan's books.

Japan court bars ex-boss Carlos Ghosn from Nissan board meeting: Report

Carlos Ghosn's chief defence attorney Motonari Otsuru resigned and was replaced by a team that includes hotshot lawyer Junichiro Hironaka, in a change of strategy from the ousted Nissan Motor chairman three months after his arrest.

Ghosn, <a href="http://www.wionews.com/world/bail-refusal-would-not-be-normal-in-any-other-democracy-says-ghosn-194110">Nissan's one-time saviour</a>, has been held in detention since his November 19 arrest and indicted for under-reporting his salary and breach of trust. He has denied the charges.

The once-feted auto executive hired Hiroshi Kawatsu as head of a new defence team, his office said on Wednesday.

Hironaka, 73, has won several high profile cases, helping acquit senior lawmaker Ichiro Ozawa and senior bureaucrat Atsuko Muraki.

Hiring Hironaka would mean a more aggressive legal strategy, said Nobuo Gohara, a former prosecutor. Otsuru previously led the special prosecutors' office that is now handling Ghosn's case.

"Otsuru was miscast. He worked at the heart of the special prosecutor's office so he was not someone who was going to go after them aggressively," Gohara said. "Hironaka is an experienced defence lawyer who has won a number of cases. He will mount a more thorough and aggressive defence."

Otsuru's office confirmed his resignation in a statement but gave no reason for the move. A second member of Ghosn's defence team, Masato Oshikubo, had quit, it said. Go Kondo, Ghosn's third defence lawyer, was unavailable for comment.

Ghosn released a short statement thanking Otsuru for his team's "tireless and diligent work", and called him a "very capable and intelligent man and lawyer".

The sudden change in attorneys comes ahead of the expected start of informal meetings with prosecutors and judges to discuss pretrial preparations, an indication that there will be no new charges against Ghosn.

"As we begin the trial phase, I have decided to engage Hironaka-sensei as my legal counsel," Ghosn said, using an honorific suffix. "I look forward to defending myself vigorously, and this represents the beginning of the process of not only establishing my innocence but also shedding light on the circumstances that led to my unjust detention."

Ghosn, 64, told the Nikkei newspaper last month that Nissan executives opposed to his plans for closer ties with automaking partner Renault SA plotted to remove him.

Ghosn was widely credited with rescuing Nissan from near-bankruptcy after he was brought over to Japan in 1999 by Renault after the French automaker bought a chunk of Nissan.

Since his arrest, Ghosn has resigned as chairman of Renault and been sacked as chief of Nissan and Mitsubishi Motors, the three-way alliance he once captained.

The scandal has roiled the global car industry and created tension between Nissan and Renault.

Nissan CEO Hiroto Saikawa is scheduled to meet newly appointed Renault Chairman Jean-Dominique Senard on Thursday in Japan as they look at ways to cement their partnership.

Carlos Ghosn's chief defence attorney Motonari Otsuru resigned and was replaced by a team that includes hotshot lawyer Junichiro Hironaka, in a change of strategy from the ousted Nissan Motor chairman three months after his arrest.

Carlos Ghosn's chief defence attorney Motonari Otsuru resigned and was replaced by a team that includes hotshot lawyer Junichiro Hironaka, in a change of strategy from the ousted Nissan Motor chairman three months after his arrest. Ghosn, Nissan's one-time saviour, has been held in detention since his November 19 arrest and indicted for under-reporting his salary and breach of trust. He has denied the charges. The once-feted auto executive hired Hiroshi Kawatsu as head of a new defence team, his office said on Wednesday. Hironaka, 73, has won several high profile cases, helping acquit senior lawmaker Ichiro Ozawa and senior bureaucrat Atsuko Muraki. Hiring Hironaka would mean a more aggressive legal strategy, said Nobuo Gohara, a former prosecutor. Otsuru previously led the special prosecutors' office that is now handling Ghosn's case. "Otsuru was miscast. He worked at the heart of the special prosecutor's office so he was not someone who was going to go after them aggressively," Gohara said. "Hironaka is an experienced defence lawyer who has won a number of cases. He will mount a more thorough and aggressive defence." Otsuru's office confirmed his resignation in a statement but gave no reason for the move. A second member of Ghosn's defence team, Masato Oshikubo, had quit, it said. Go Kondo, Ghosn's third defence lawyer, was unavailable for comment. Ghosn released a short statement thanking Otsuru for his team's "tireless and diligent work", and called him a "very capable and intelligent man and lawyer". The sudden change in attorneys comes ahead of the expected start of informal meetings with prosecutors and judges to discuss pretrial preparations, an indication that there will be no new charges against Ghosn. "As we begin the trial phase, I have decided to engage Hironaka-sensei as my legal counsel," Ghosn said, using an honorific suffix. "I look forward to defending myself vigorously, and this represents the beginning of the process of not only establishing my innocence but also shedding light on the circumstances that led to my unjust detention." Ghosn, 64, told the Nikkei newspaper last month that Nissan executives opposed to his plans for closer ties with automaking partner Renault SA plotted to remove him. Ghosn was widely credited with rescuing Nissan from near-bankruptcy after he was brought over to Japan in 1999 by Renault after the French automaker bought a chunk of Nissan. Since his arrest, Ghosn has resigned as chairman of Renault and been sacked as chief of Nissan and Mitsubishi Motors, the three-way alliance he once captained. The scandal has roiled the global car industry and created tension between Nissan and Renault. Nissan CEO Hiroto Saikawa is scheduled to meet newly appointed Renault Chairman Jean-Dominique Senard on Thursday in Japan as they look at ways to cement their partnership.

Ghosn's chief defence attorney Motonari Otsuru resigns; Junichiro Hironaka hired in change of strategy

Nissan chief Hiroto Saikawa spoke of his "resentment and dismay" at revelations of misconduct by former company chief Carlos Ghosn in a letter to company employees.

Saikawa said he could not reveal all details of what had happened because the case was still under investigation.

But the company accused Ghosn of having under-reported compensation amounts, misrepresented the company's investments and used company assets for personal use.

It also accused representative director Greg Kelly of having masterminded the fraud with Ghosn. The company dismissed Ghosn and Kelly on Thursday.

As someone who had devoted himself to the Nissan revival plan, "I am left with great resentment and dismay that is difficult to articulate", wrote Saikawa.

"I truly regret, and would like to apologize for, us betraying and completely letting down our customers, business partners and other stakeholders who supported us after our revival," he wrote.

The internal memo invited all staff to a "town hall" meeting Monday with Saikawa to discuss the future of the company.

Nissan's former chairman Ghosn has since Monday been held in custody in Japan accused of having understated his income by some five billion yen ($44 million) between June 2011 and June 2015.

Japanese prosecutors have also accused Kelly of having a role in the offences.

Deputy chief prosecutor Shin Kukimoto said the Ghosn case was "one of the most serious types of crime" under Japan's Financial Instruments Act, and that Ghosn could face up to 10 years in jail.

Although the Nissan board sacked Ghosn and Kelly, they have made it clear they want to their alliance with Renault and Mitsubishi survive.

The board of Mitsubishi Motors was reportedly set to meet on Monday to discuss Ghosn's future.

Renault's board has so far stood by Ghosn -- naming his deputy Thierry Bollore to handle day-to-day business.

Nissan chief Hiroto Saikawa spoke of his "resentment and dismay" at revelations of misconduct by former company chief Carlos Ghosn in a letter to company employees.

Nissan chief Hiroto Saikawa spoke of his "resentment and dismay" at revelations of misconduct by former company chief Carlos Ghosn in a letter to company employees. Saikawa said he could not reveal all details of what had happened because the case was still under investigation. But the company accused Ghosn of having under-reported compensation amounts, misrepresented the company's investments and used company assets for personal use. It also accused representative director Greg Kelly of having masterminded the fraud with Ghosn. The company dismissed Ghosn and Kelly on Thursday. As someone who had devoted himself to the Nissan revival plan, "I am left with great resentment and dismay that is difficult to articulate", wrote Saikawa. "I truly regret, and would like to apologize for, us betraying and completely letting down our customers, business partners and other stakeholders who supported us after our revival," he wrote. The internal memo invited all staff to a "town hall" meeting Monday with Saikawa to discuss the future of the company. Nissan's former chairman Ghosn has since Monday been held in custody in Japan accused of having understated his income by some five billion yen ($44 million) between June 2011 and June 2015. Japanese prosecutors have also accused Kelly of having a role in the offences. Deputy chief prosecutor Shin Kukimoto said the Ghosn case was "one of the most serious types of crime" under Japan's Financial Instruments Act, and that Ghosn could face up to 10 years in jail. Although the Nissan board sacked Ghosn and Kelly, they have made it clear they want to their alliance with Renault and Mitsubishi survive. The board of Mitsubishi Motors was reportedly set to meet on Monday to discuss Ghosn's future. Renault's board has so far stood by Ghosn -- naming his deputy Thierry Bollore to handle day-to-day business.

Nissan CEO tells staff feels 'dismay' at Ghosn scandal

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall.

The mild-mannered 65-year-old bespectacled Nissan lifer stunned observers when he unleashed a string of harsh charges against his mentor following Ghosn's arrest on suspicion of "serious" financial misconduct.

Lashing out at the "dark side" of the Ghosn era, Saikawa appeared to be affected personally by the alleged corruption of a man who had overseen his career.

"It's way beyond being sorry. I feel, I don't know, big disappointment and frustration and despair. Indignation and resentment," said Saikawa.

A year older than Ghosn, Saikawa joined Nissan in 1977 directly from the prestigious University of Tokyo where he studied economics.

He took several brief postings in Europe but his big break came in 2000 when Ghosn officially took the helm of Nissan and embarked on his aggressive campaign to turn the company around.

Under Ghosn's wing, Saikawa rose steadily through the ranks as a procurement specialist, impressing other executives with his zeal to drive down parts and material costs.

Saikawa's career developed quickly as he held various senior positions, ranging from head of the management committee in the Americas and Europe to executive vice-president of purchasing.

As a key member of the auto alliance that combines Nissan, Renault and Mitsubishi Motors, Saikawa also sat on the French firm's board of directors between 2006 and 2016.

In this role, he won praise from Ghosn for his dealings with French officials as he defended Nissan's autonomy from Renault, which holds a 43-per cent stake in the Japanese brand.

A private man, little is known about his personal life, with Nissan insiders telling local media he is a serious businessman with an eye for detail.

"His way of thinking is more business-oriented than French people," the head of a parts maker told industry website Newswitch in 2016, in an apparent comparison to other Japanese business people who prize relationships over profits.

Outside Nissan, Saikawa has also served as chairman of the powerful industry body, the Japan Automobile Manufacturers Association (JAMA).

Finally, Ghosn appointed his right-hand man as co-CEO in 2016 and a year later stepped aside to leave Saikawa in sole charge.

At that time, the two heaped praise on each other, with Ghosn saying "the time is right" for Saikawa to step out from his shadow.

At his news conference following Ghosn's arrest, Saikawa vowed the company would learn from the mistake of placing too much power in the hands of one executive.

"Ghosn-dependent Nissan makes a clean break," said a headline in the Asahi Shimbun after Saikawa's comments.

The ultimate company man, Saikawa is now expected to take the reins as chairman following Ghosn's expected ouster at a board meeting on Thursday.

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall.

Hiroto Saikawa, tipped to replace disgraced Carlos Ghosn as Nissan chairman, was long considered one of "Ghosn's children", a loyalist to the powerful tycoon who owed him everything -- but then oversaw his downfall. The mild-mannered 65-year-old bespectacled Nissan lifer stunned observers when he unleashed a string of harsh charges against his mentor following Ghosn's arrest on suspicion of "serious" financial misconduct. Lashing out at the "dark side" of the Ghosn era, Saikawa appeared to be affected personally by the alleged corruption of a man who had overseen his career. "It's way beyond being sorry. I feel, I don't know, big disappointment and frustration and despair. Indignation and resentment," said Saikawa. A year older than Ghosn, Saikawa joined Nissan in 1977 directly from the prestigious University of Tokyo where he studied economics. He took several brief postings in Europe but his big break came in 2000 when Ghosn officially took the helm of Nissan and embarked on his aggressive campaign to turn the company around. Under Ghosn's wing, Saikawa rose steadily through the ranks as a procurement specialist, impressing other executives with his zeal to drive down parts and material costs. Saikawa's career developed quickly as he held various senior positions, ranging from head of the management committee in the Americas and Europe to executive vice-president of purchasing. As a key member of the auto alliance that combines Nissan, Renault and Mitsubishi Motors, Saikawa also sat on the French firm's board of directors between 2006 and 2016. In this role, he won praise from Ghosn for his dealings with French officials as he defended Nissan's autonomy from Renault, which holds a 43-per cent stake in the Japanese brand. A private man, little is known about his personal life, with Nissan insiders telling local media he is a serious businessman with an eye for detail. "His way of thinking is more business-oriented than French people," the head of a parts maker told industry website Newswitch in 2016, in an apparent comparison to other Japanese business people who prize relationships over profits. Outside Nissan, Saikawa has also served as chairman of the powerful industry body, the Japan Automobile Manufacturers Association (JAMA). Finally, Ghosn appointed his right-hand man as co-CEO in 2016 and a year later stepped aside to leave Saikawa in sole charge. At that time, the two heaped praise on each other, with Ghosn saying "the time is right" for Saikawa to step out from his shadow. At his news conference following Ghosn's arrest, Saikawa vowed the company would learn from the mistake of placing too much power in the hands of one executive. "Ghosn-dependent Nissan makes a clean break," said a headline in the Asahi Shimbun after Saikawa's comments. The ultimate company man, Saikawa is now expected to take the reins as chairman following Ghosn's expected ouster at a board meeting on Thursday.

Nissan's Saikawa: 'Ghosn child' who ousted mentor

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