10 hours ago
Struggling Nissan holds stockholders' meeting
Nissan Motor is now holding a stockholders' meeting at its headquarters near Tokyo. Attention is on whether the struggling Japanese automaker can win over its shareholders for its restructuring plans and other proposals.
Nissan posted a net loss exceeding 670 billion yen, or about 4.6 billion dollars, in the year that ended in March.
To turn around its financial health, the company has hammered out plans to cut its group-wide payroll by 20,000 workers and reduce operations at seven factories globally.
Nissan's other proposals include the reappointment of President and CEO Ivan Espinosa, who took the helm in April.
Nissan also wants to reappoint external board directors. Among them are three members of a selection committee that elected Espinosa's predecessor Uchida Makoto, who stepped down over deteriorating earnings.
A notice about the shareholders' meeting revealed that the former president and three other executives had received 646 million yen combined, or roughly 4.4 million dollars, as part of their resignation package.
The stockholders may be critical of these issues.
