Nissan board meets, no chairman picked to replace GhosnYokohama, Japan – Nissan’s board met Monday but failed to pick a new chairman to replace Carlos Ghosn, who was arrested last month on charges of violating financial regulations, saying more discussion was needed.
Nissan Motor Co. Chief Executive Hiroto Saikawa told reporters that the board approved a special committee of outsiders to strengthen governance at the company. A date for the selection of a chairman was not decided.
“We plan to be cautious in this process, and I do not plan to rush this,” Saikawa said.
The recommendations for beefing up governance are due in March, and Saikawa said he was willing to wait until then to choose a chairman.
The board meeting came amid an unfolding scandal that threatens the Japanese automaker’s two-decade alliance with Renault SA of France and its global brand, and highlights shoddy governance at the manufacturer of the Leaf electric car.
Ghosn and another board member Greg Kelly were formally charged last week with falsifying financial reports in underreporting Ghosn’s income by about 5 billion yen ($44 million) from 2011 to 2015. They were arrested Nov. 19 by Tokyo prosecutors and remain in detention.
A source close to Ghosn’s family says Ghosn is innocent, as the alleged income was never decided upon or paid. Aubrey Harwell, the U.S. lawyer for Kelly, an American, says he is innocent, and that Nissan insiders and outside experts had advised him that the financial reporting was proper.
The chairman must be selected from among the board members. Three outside board members – race-car driver Keiko Ihara, Masakazu Toyoda, an academic, and Jean-Baptiste Duzan, formerly of Renault – are making that decision.
The special committee for governance includes the three outside board members and four other outsiders, including former judge Seiichiro Nishioka.
One candidate for chairman is Saikawa, who was hand-picked by Ghosn to succeed him as chief executive. He has denounced Ghosn and Kelly as the “masterminds” in a scheme to falsify income reports and abuse company money and assets.
Renault has kept Ghosn as chief executive and chairman, saying its investigation has not found wrongdoing in the awarding of Ghosn’s compensation.
Nissan Motor Co.’s allegations also include million-dollar homes in several nations, including France, Japan, Brazil, Lebanon and the Netherlands, purchased by Nissan or a subsidiary and used by Ghosn.
Wrangling over a home in Rio de Janeiro has developed into a court battle in Brazil, with Nissan seeking to block Ghosn’s family from retrieving items.
Ghosn was born in Brazil of Lebanese ancestry and holds French citizenship. He was sent in by Renault in 1999 to turn around Nissan from the brink of bankruptcy.
It’s unclear when Ghosn and Kelly may be released, with Tokyo prosecutors saying they are a flight risk.
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‘Suicide doors’ make a comeback on 80th anniversary edition Lincoln Continental
Source: Lincoln
The 80th Anniversary Lincoln Continental Limited Edition with coach doors
Once deemed dangerous, suicide doors are making a comeback on the Lincoln Continental.
Ford is celebrating the 80th anniversary of the long-lived luxury Lincoln line by making 80 cars in 2019 with the classic center-opening doors that once served as the signature of the Continental.
The doors are not just a gimmick or aesthetic flourish. By opening toward the rear of the car, they allow passengers in the rear seats to enter and exit the vehicle more comfortably. Passengers don't have to lean forward to push the door open or pull it closed, for example.
The design was featured commonly on horse carriages, hence the name “coach doors.” Over time they had come to be called “suicide doors,” thanks to the danger of the wind forcing the rear door open while driving at high speeds, according to automotive historians. This was particularly dangerous in the era before seat belts.
Lincoln unveils 80th anniversary Continental with suicide doors
2 Hours Ago | 01:14
More recent takes on the suicide door have incorporated safety features such as locking the door once the car reaches a certain speed.
Apart from the coach doors, the car's wheelbase will be 6 inches longer, which Lincoln said gives the rear seats more room. The car lights up as its driver approaches with a welcoming lighting sequence. The trim is Lincoln's best quality leathers and dash materials, its Black Label, which typically offers higher-quality materials and membership privileges, such as vehicle detailing and free car washes.
Sedans are a tough sell these days. Ford said it plans to all but stop making them over the next several years, with the exception of its Mustang sports car.
But this version of the Continental is more of a specialty sedan, and sales of those are still relatively healthy, said Robert Parker, director of marketing, sales and service at Lincoln.
“I find it incredibly interesting,” said Stephanie Brinley, an analyst at IHS Markit. “The Continental is a vehicle that has had weak sales in a difficult segment, for sure. So I think it is an effort to draw in some interest and create some buzz around the car.”
Source: Lincoln
The front interior of the 80th Anniversary Lincoln Continental Limited Edition.
Building a vehicle with suicide doors seems to be quite a lot of work for a car that doesn't sell well in the first place, she added. It is much more difficult than just dropping a new engine into the car. But she she doesn't think Lincoln will have any trouble selling every one of the limited run it's making.
It also seems to be part of a larger strategy Lincoln has taken in recent years of trying to reach far back into the brand's history in a nod to its roots as a distinctly American luxury label, she said. In recent years Lincoln has been carving out a space for itself in the luxury market by emphasizing service and making spacious, plush vehicles that drive comfortably, rather than the sportier luxury cars European makers are known for.
No specifics on the price are available yet, but Parker said it is safe to say it will be the most expensive vehicle Lincoln sells. That means it stands to cost more than $100,000, which is the price some of Lincoln's Black Label vehicles.
Lincoln first came out with the Continental as a custom luxury vehicle in 1939, but didn't add the coach doors until 1961.
“There hasn't been a conversation about product planning I have been in during all my time in Lincoln that hasn't involved bringing back coach doors,” Parker said.
Source: Lincoln
Inside the back seat of the 80th Anniversary Lincoln Continental Limited Edition.
Nissan fails to appoint a replacement for Carlos Ghosn
Issei Kato | Reuters
Passersby are silhouetted as a huge street monitor broadcasts news reporting ousted Nissan Motor chairman Carlos Ghosn's indictment and re-arrest in Tokyo, Japan December 10, 2018.
Nissan failed to name a replacement for ousted Chairman Carlos Ghosn on Monday.
Ghosn was apprehended in Japan last month over allegations that he had been under-reporting compensation and misusing company funds.
Chief Executive Hiroto Saikawa reportedly said Monday that talks to replace the embattled auto executive were ongoing, and that there was no deadline to announce a successor.
The Japanese automaker instead announced the creation of a special committee aimed at boosting corporate governance.
Nissan said Monday that the committee would beformed of independent third party members as well as outside directors, and will lay out recommendations on how to improve the firm's approval process for setting compensation for directors and creating “a healthy state of governance.”
“It has been confirmed that the proposed independent third parties are not related to or with any interest in the company, including any direct business with Nissan,” the firm said in a press statement Monday.
The future of the global auto alliance between Nissan, Renault and Mitsubishi, which Ghosn had overseen for almost two decades, has been in doubt following his arrest.
Both Nissan and Mitsubishi have ousted Ghosn, while Renault's board last week decided that he should stay in office. Last week, Renault said the board had found no irregularities in his pay packages between 2015 and 2018, and that the approval of his compensation was in compliance with the law.
Nissan said it expects to receive recommendations from the special committee by March 31, 2019.
UPDATE 1-Nissan CEO calls on Renault to listen to detail of Ghosn allegations
YOKOHAMA (Reuters) – Nissan Motor’s CEO called on directors at alliance partner Renault to heed its reasons for sacking former Chairman Carlos Ghosn over alleged financial misconduct amid tensions over how to handle the fallout from his arrest. Nissan President and Chief Executive Officer Hiroto Saikawa speaks during a news conference at its global headquarters… Continue reading UPDATE 1-Nissan CEO calls on Renault to listen to detail of Ghosn allegations
Nissan CEO calls on Renault to listen to detail of Ghosn allegations
YOKOHAMA (Reuters) – Nissan Motor’s CEO called on directors at alliance partner Renault to heed its reasons for sacking former Chairman Carlos Ghosn over alleged financial misconduct amid tensions over how to handle the fallout from his arrest. Nissan President and Chief Executive Officer Hiroto Saikawa speaks during a news conference at its global headquarters… Continue reading Nissan CEO calls on Renault to listen to detail of Ghosn allegations
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