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Nissan Fails to Pick a New Chairman – Renault Eyes Michelin CEO

Nissan Fails to Pick a New Chairman - Renault Eyes Michelin CEO

As markets continue to absorb the stories about ousted fallen-star Chairman Carlos Ghosn, there have been more questions surrounding the next person to take over these companies. The board of Nissan Motor Co put off the decision on the successor to Mr Ghosn, and CEO Hiroto Saikawa emphasized the need to beef up its governance before taking new ideas to the public, this act as a gesture to gain the support of the investor community. 

There is a newly established internal committee that is workmen to improve corporate governance. The seven-member committee, comprised of three independent directors from Nissan will discuss a wider range of issues. Renault, the largest shareholder in Nissan with 43.4 percent stake, appears to be stepping up efforts to maintain strong influence over the firm. This is taking place as the new board is being discussed. 

There are now letters being sent back and forth from the two head offices on the expected representation on the nine-member Nissan board, with Mr Saikawa as interim chairman as one option. For now, both Renault and Nissan are likely to lay the groundwork for the next team that will oversea activities in the company as the final decisions will be made in March of 2019. For now there will be meetings in Japan and France to hammer out details. “There is no need to hurry to select the new chairman,” Saikawa was reported as saying. 

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