Nissan: tense, general shareholders' meeting approves new management

The new management of the automaker Nissan was approved Tuesday by a vote of an extraordinary general meeting of shareholders at the group's headquarters in Yokohama in the suburbs of Tokyo.

Read also: Renault-Nissan: investigation into the twists and turns of the Carlos Ghosn affair

After a long and hectic session broadcast on the Nissan website, the shareholders approved the appointment of the four members of the management led by the new general manager Makoto Uchida. The latter had been appointed after the shattering departure of Hiroto Saikawa in September, overtaken by a case of bonuses collected in excess of the time when Carlos Ghosn was in command.

While the automaker further lowered its 2019/20 forecast last week, faced with a sharper-than-expected drop in third-quarter sales, Makoto Uchida received a flurry of criticism from shareholders during the meeting. “I have been a Nissan shareholder for almost 20 years. You have to review everything you do. I have 3000 Nissan shares. Uchida san, you have 2000. I have more than you! ” shouted one of them. “I bought them 800 yen. I never thought they would fall below 700 yen, they are less than 500 yen (4.20 euros) now. What do you think? Should I sell them? ” He said.

Read also: Nissan claims 83 million euros from Carlos Ghosn

“Shareholders, give us time. I appreciate your patience (...) I want Nissan to improve. The entire management, including me, is taking the situation very seriously and working on it, ” said Makato Uchida, who took charge on December 1. In the third quarter, its net profit even slipped into the red to the tune of 26.1 billion yen (-218.4 million euros), against a gain of 70.4 billion yen a year earlier. By announcing its results Thursday, the manufacturer has given up paying a dividend at the end of its annual exercise, after a meager interim dividend of 10 yen per share.

Read also: All about the Carlos Ghosn case

Nissan action was down 1.71% to 494.20 yen Tuesday after the meeting, around 4:20 am (universal time), for a star index Nikkei down 1.53%.