Former top execs of struggling Nissan got $4.5 mil severance pay
KYODO NEWS - 17 minutes ago - 19:41 | All, Japan
Four former Nissan Motor Co. top executives including ex-President and CEO Makoto Uchida received a combined total of 646 million yen ($4.5 million) for leaving top roles at the embattled Japanese automaker, a general shareholders' meeting notice showed Tuesday.
The large payouts may draw investor ire at the June 24 meeting, after Uchida stood down in March following unsuccessful merger talks with Honda Motor Co. and with the company planning to ax thousands of jobs with a net loss of 670.9 billion yen for the fiscal year ended March.
The three others subject to the severance pay were former chief brand and customer officer Asako Hoshino, former chief technology officer and executive officer Kunio Nakaguro, and Hideyuki Sakamoto, who served as executive officer for manufacturing and supply chain management.
Uchida and Sakamoto are still serving as board directors until the end of the shareholders' meeting.
The company did not provide details on their individual payouts. Combined remuneration for Nissan's current five executive officers was nearly 1.66 billion yen, according to the notice.
Japan's third-biggest automaker by volume has been pressured by faltering vehicle sales in China and the United States.
Since new President and CEO Ivan Espinosa took over from Uchida in April, the automaker is rushing to streamline global operations to return to profitability in the next fiscal year. It said in mid-May it plans to more than double staff cuts to 20,000 people and close seven of its 17 vehicle plants.
Related coverage:
Nissan may sell HQ as it eyes extra 60 bil. yen restructuring costs
Nissan tells workers closure of key Oppama plant not decided
Nissan to seek early retirement applicants from office staff in Japan
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