Nissan board members in Japan will not be getting a bonus, according to a published report.
Go deeper with GlobalData
The Japanese automaker’s board members will forego their bonus pay to take responsibility for poor performance, the Associated Press (AP), reported, citing a statement to shareholders by Nissan chief executive Carlos Ghosn.
Ghosn reportedly acknowledged at a hall packed with hundreds of shareholders in Yokohama, south of Tokyo, that the company had not met its targets for financial year 2006.
“We are taking our responsibility seriously,” he said, according to the new agency.
AP said that, for the fiscal year that ended in March, Tokyo-based Nissan Motor marked its first profit drop in seven years, the first time earnings have slid under the turnaround efforts led by Ghosn.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataGhosn reportedly tried to assure shareholders by saying that Nissan was investing aggressively in the future, including opening plants in emerging markets, introducing new models, developing green technology and building brand image.
“2007 will be a better year for Nissan,” he was quoted as saying.
Ghosn also told shareholders that Nissan needs an extra year to meet its much publicised annual global sales target of 4.2m vehicles, a goal initially set for the fiscal year ending March 2009.
Ghosn said he was confident that better times were ahead, and that the problems were temporary, the Associated Press added.
