Saikawas fate to be discussed by board on Monday after admission that he was overpaid by hundreds of thousands of pounds
The chief executive of Nissan, Hiroto Saikawa, has said he will resign, Japanese media reports have said, after he admitted being improperly overpaid in the latest upheaval to hit the Japanese vehicle maker.
Saikawas expected resignation, reported on Sunday in the Nikkei daily business newspaper, comes as the company attempts to cope with the fallout from the arrest last year of its former chairman Carlos Ghosn over allegations of financial misconduct.
Saikawa said he wanted to pass the baton to a new generation of executives and had told colleagues he intended to step down, the Nikkei said.
He acknowledged last week that he had been overpaid by tens of millions of yen under an incentive scheme that awards bonuses to directors if the companys share price performs well.
Greg Kelly, a former Nissan executive who was arrested along with Ghosn, claimed in a magazine interview in June that Saikawa had manipulated the execution date of his stock appreciation rights so he could receive an additional 47m yen (358,000), according to Kyodo news agency.
Saikawa denied requesting the extra cash, saying he was not aware that the payment scheme had been handled improperly. I left the issue to someone else so I had thought it was dealt with in an appropriate manner, he told reporters, adding that he would repay the sum to Nissan.
The revelation, to be discussed at a Nissan board meeting later on Monday, has increased pressure on Saikawa, who has presided over profit losses and job cuts at Nissan since Ghosns dramatic arrest last November sent shockwaves through the industry.