TOKYO— Nissan Motor Co. NSANY -0.42% shareholders voted to overhaul the company’s board structure, a key goal of Chief Executive Hiroto Saikawa.
Following a rowdy meeting where shareholders shouted at current board members, Nissan management and each other, the measure passed in large part due to the support of alliance partner Renault SA, RNO -0.97% which owns 43.4% of the Japanese company.
Shareholders approved the creation of new board committees for executive compensation, audit matters and director nominations. They also appointed a new crop of directors, increasing the number of directors to 11.
During the nearly three-and-a-half-hour meeting, shareholders took aim at Mr. Saikawa for the state of Nissan’s business, where sales and profits have imploded in the U.S. and Europe. Some asked him to step down.
Mr. Saikawa said he would work with the new nomination committee on a succession plan.
Some of the harshest questions were directed at Renault Chairman Jean-Dominique Senard, who joined the board in April.
Several shareholders took Mr. Senard to task, accusing him of acting in Renault’s best interests instead of Nissan’s. They pointed in particular to recent separate merger discussions between Renault and Nissan as well as between Renault and Fiat Chrysler Automobiles NV.
A visibly angry Mr. Senard rebutted those comments, saying he had only sought to do deals that would have been to the benefit of Nissan.
Mr. Saikawa said he was focused on rebuilding Nissan’s struggling car business, but that he would continue to talk to Mr. Senard about the future structure of the Renault-Nissan alliance.
Related
- Carlos Ghosn’s Lawyers Push for Reason Why Nissan’s Hiroto Saikawa Wasn’t Charged (June 24, 2019)
- Fiat Chrysler and Renault Hope Merger Talks Will Restart Soon (June 23, 2019)
- Nissan Plans to Retrench in Post-Ghosn Era (May 14, 2019)
Write to Sean McLain at sean.mclain@wsj.com
https://www.wsj.com/articles/nissan-overhauls-board-following-raucous-shareholder-meeting-11561440118
2019-06-25 05:21:00Z
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