Nissan Motor Co aims to nominate a new chairman within a month or two, hopefully before its next board meeting scheduled for Dec. 20, a source familiar with the matter said, after the automaker ousted Carlos Ghosn as chairman on Thursday.
The nomination is to be done by the Japanese automaker’s newly created advisory committee that includes the company’s three independent directors.
The new chairman would hold the post “at least” until Nissan’s next shareholders’ meeting. No decision on whether to hold an extraordinary shareholders’ meeting has been made, the source added.
The next regular meeting is scheduled for June next year.
Another special committee led by the independent directors to discuss improving governance based on third-party advice would then likely propose setting up a nomination committee to select a permanent chairman, said the source, who declined to be identified because of the sensitivity of the matter.
“It’s a two stage process,” the source said. “First we have to decide on a temporary chairman as soon as possible.”
Nissan was not immediately available for comment yesterday, a public holiday in Japan.
Nissan’s board voted unanimously to oust Ghosn, who was arrested on Monday over allegations of financial misconduct including under-reporting of his remuneration and personal use of company assets.
Japanese prosecutors are likely to build a new criminal case against Ghosn for understating his remuneration by ￥3 billion (US$27 million) over three years from fiscal 2015, the Asahi newspaper reported yesterday.
Ghosn and former Nissan representative director Greg Kelly are being investigated in a case of alleged conspiracy to understate Ghosn’s remuneration by about half the ￥10 billion he earned at Nissan over five years from fiscal 2010.
Combined, Ghosn has understated his remuneration at Nissan by about ￥8 billion in the eight years through the fiscal year that ended in March, the paper said, without citing sources.
It did not mention whether a new case would also target Kelly.
With the duo still in custody, neither man has been able to defend himself publicly against the allegations.
The Tokyo District Public Prosecutor’s Office could not be reached for comment yesterday.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
NERVOUS MARKET: With the infection sources still unknown for three COVID-19 cases that had departed Taiwan, investors have become uneasy, an analyst said Local shares yesterday came under heavy downward pressure, falling more than 1 percent as renewed fears over a possible increase in domestic COVID-19 infections hit market sentiment after the nation last week reported a case related to a Belgian national. Selling focused on the bellwether electronics sector, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which pushed down the broader market as investors ignored gains posted by tech heavyweights on the US market at the end of last week, dealers said. The TAIEX closed down 151.77 points, or 1.2 percent, at 12,513.03, on turnover of NT$231.43 billion (US$7.84 billion). Foreign