Nissan CEO Got Higher Stock-Linked Bonus After Payout Date Changed, Former Director Kelly Says

www.oann.com | 6/10/2019 | Staff
TOKYO (Reuters) – Nissan Motor Co Ltd Chief Executive Hiroto Saikawa was granted an exception in 2013 to reschedule a stock-linked bonus that bumped up the payout by 47 million yen ($432,382), former Representative Director Greg Kelly told magazine Bungei Shunju.

In his first interview since his November arrest for alleged financial misconduct, Kelly told the Japanese monthly that Saikawa was due to get a stock appreciation rights (SAR) payment pegged to Nissan’s share price on May 14, 2013, but got it based on a higher price a week later.

Exception - Beneficiary - Exception - Bungei - Shunju

“An exception was made and he was the beneficiary of that exception,” Bungei Shunju quoted Kelly as saying, in excerpts it translated into English and provided to Reuters. “I don’t know of any other time that an exception was made to do that.”

Kelly’s lawyer, Yoichi Kitamura, was unavailable for comment. Reuters was unable to contact Kelly directly.

Nissan - Spokesman - Nick - Maxfield - Comment

Nissan spokesman Nick Maxfield said, “We have no comment on the details of Kelly’s interview at this time.”

Kelly’s comments may raise questions about Saikawa’s push for improved corporate governance as he prepares to face shareholders at an annual meeting this month, amid a plunge in profit that has underscored his struggle to lead Nissan following the arrest and ouster of former Chairman Carlos Ghosn.

Kelly - Ghosn - Hide - Yen - Compensation

Kelly has been charged with helping Ghosn hide around 9 billion yen in compensation. Both men deny wrongdoing.

Ghosn also faces charges that he enriched himself at the expense of Nissan, and Saikawa has said the Japanese automaker may claim damages from his former mentor.

Interview - Exception

Kelly in the interview did not say how he was aware of the exception or who authorized...
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