An image of mismanagement has halved Nissan’s share price in the past year
this week. On September 9th Hiroto Saikawa, who replaced him as Nissan’s chairman in April, fell on his sword after he too, like Mr Ghosn, faced accusations of financial impropriety. Last November Mr Saikawa, chief executive since Mr Ghosn stepped down from that role in 2017, was instrumental in bringing accusations of financial misconduct against the Frenchman.
Mr Ghosn has been under house arrest since April, awaiting trial on multiple charges, including underreporting his compensation by about ¥9bn from 2010 to 2018. Nissan’s board this week put the total cost of the Ghosn affair to the company’s coffers at ¥35bn. The charge against Mr Saikawa—that he improperly pocketed ¥47m in performance-linked bonuses—is peanuts by comparison.
Many shareholders wanted Mr Saikawa booted out for failing to heal the rift. Industry-watchers think that a full merger between Nissan and Renault makes sense in an industry increasingly dominated by giants like Toyota and Volkswagen, which churn out 10m cars a year and whose greater economies of scale leave more resources to invest in expensive development of electric and driverless cars.
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