Nissan's Shareholders Raise their Concerns

Things between Nissan and their shareholders are getting more and more turbulent. If you’re not caught up yet, former Nissan executive Carlos Ghosn is now an international fugitive after various allegations of financial wrongdoing. Before that, Ghosn was the founding chairman and CEO of Renault Nissan, and is credited with reviving the brand. After a number of arrests, Ghosn eventually escaped custody and resurfaced in Lebanon, much to the chagrin of Japanese officials.
Carlos Ghosn
Last Tuesday, February 18, 2020, Nissan shareholders made sure that their feelings are known as they expressed their outrage at the Japanese automaker’s shareholder’s meeting for crashing stock prices, zero dividends and quarterly losses after the ungraceful exit of Ghosn. The shareholders got up one by one and demanded that Nissan Motor Co. quickly fix diminishing car sales, repair its disgraced brand name, and have executives give up their pay. New Chief Executive Makoto Uchida apologized to shareholders for having “allowed the misconduct” of Ghosn and promised better governance, transparency and financial results, but pleaded for more time. He said a turnaround plan will be announced in May, which one shareholder immediately criticized as too late. “We are in a disastrous situation,” Uchida commented of the Ghosn scandal. “It was shocking, and I denounce it.” Uchida was tapped in December to replace Hiroto Saikawa, who was Ghosn’s successor.
Makoto Uchida
Saikawa resigned last year after he too, had allegations surface about his own dubious personal income. At the meeting, one shareholder asked if Saikawa was giving up his retirement pay. “Global sales of Nissan vehicles have plunged. Nissan recorded red ink for the quarter through December, the first such quarterly loss in 11 years,” a press release stated. “Hanging over the entire meeting was Nissan’s plummeting fortunes, its reputation tarnished over not only the Ghosn scandal but the shaky way it was handled at the company. Shareholders said they saw confusion in management. One argued no one would want to buy a car from a company that looked as disorganized as Nissan. At one point, several shareholders began shouting at each other. Another shareholder proposed putting a bounty on Ghosn’s head so he could be brought back from Lebanon to stand trial. Japan and Lebanon do not have an extradition treaty. Ghosn, who has insisted on his innocence, has said he was targeted with trumped up charges because of what he called a conspiracy at Nissan to block a fuller merger with Renault,” the article continued. As the shareholders grew more and more anxious about the future of the company, Uchida attempted to reassure them by promising that Nissan will get out of this sticky situation and prosper once again.  

Also Read: Here's How Carlos Ghosn's Dramatic Saga is Unfolding in the News
Nissan's First Subscription Service Allows Drivers to Switch Cars DAILY

Read All

Featured Articles

Recommended Articles For You

Read All

Featured Cars

  • Upcoming

Car Articles From Zigwheels

  • News
  • Article Feature
  • Advisory Stories
  • Road Test
  • Ford PH: no price increase for Ranger as of Jul. 2025
    Ford PH: no price increase for Ranger as of Jul. 2025
    Ruben Manahan IV . Jul 04, 2025
  • MG Motor PH to launch D90 early next year
    MG Motor PH to launch D90 early next year
    Cesar Miguel . Jul 04, 2025
  • BYD Cars PH launches limited-run Seagull in Seashell Pink hue
    BYD Cars PH launches limited-run Seagull in Seashell Pink hue
    Cesar Miguel . Jul 04, 2025
  • Mazda PH launches driver development program
    Mazda PH launches driver development program
    Paulo Papa . Jul 04, 2025
  • Honda Cars PH extends ‘Style Up & Drive Promo’ with special deals for City, City Hatchback, BR-V
    Honda Cars PH extends ‘Style Up & Drive Promo’ with special deals for City, City Hatchback, BR-V
    Paulo Papa . Jul 04, 2025
  • Check out these basic overlanding items for when you want to enjoy the outdoors
    Check out these basic overlanding items for when you want to enjoy the outdoors
    Paulo Papa . Jul 04, 2025
  • Suzuki Dzire Hybrid vs Toyota Corolla Altis GR-S HEV CVT vs BYD Seal: new-energy sedan showdown
    Suzuki Dzire Hybrid vs Toyota Corolla Altis GR-S HEV CVT vs BYD Seal: new-energy sedan showdown
    Paulo Papa . Jul 04, 2025
  • 3 reasons why customers choose Toyotas
    3 reasons why customers choose Toyotas
    Cesar Miguel . Jul 03, 2025
  • Zigwheels PH Wrapup: Local vehicle launches in H1 2025
    Zigwheels PH Wrapup: Local vehicle launches in H1 2025
    Ruben Manahan IV . Jul 02, 2025
  • Let’s inspect the Omoda E5’s interior
    Let’s inspect the Omoda E5’s interior
    Cesar Miguel . Jul 02, 2025
  • Do you still need to wash your car after it rains?
    Do you still need to wash your car after it rains?
    Cesar Miguel . Jun 12, 2025
  • What should you visit first at MIAS 2025?
    What should you visit first at MIAS 2025?
    Cesar Miguel . Apr 11, 2025
  • Do you really need 4x4 for overlanding?
    Do you really need 4x4 for overlanding?
    Cesar Miguel . Mar 26, 2025
  • Number coding 2025: what you need to know
    Number coding 2025: what you need to know
    Paulo Papa . Mar 09, 2025
  • EVs still require lubrication, JAMA execs say
    EVs still require lubrication, JAMA execs say
    Paulo Papa . Mar 09, 2025
  • First drive: MG ZS Hybrid+
    First drive: MG ZS Hybrid+
    Cesar Miguel . Jun 30, 2025
  • BYD eMAX 7 Superior Captain: MPV for modern families
    BYD eMAX 7 Superior Captain: MPV for modern families
    Paulo Papa . Jun 18, 2025
  • Suzuki Ertiga Hybrid: modest mover
    Suzuki Ertiga Hybrid: modest mover
    Paulo Papa . Jun 05, 2025
  • ELECTRIA: 2025 BYD Atto 3 - updates done right
    ELECTRIA: 2025 BYD Atto 3 - updates done right
    Cesar Miguel . Jun 05, 2025
  • Dongfeng Nammi: Stylish all-rounder
    Dongfeng Nammi: Stylish all-rounder
    Cesar Miguel . May 21, 2025