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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Tag: Strategy
ENGIE and Arval launch new green transport offer that aims to simplify access to electric vehicles
La Défense, France, 17-Dec-2018 — /EuropaWire/ — ENGIE, the global energy company and major player in charging infrastructure for electric vehicles, and Arval, the global specialist in corporate vehicle fleet leasing, have announced the launch of a new green transport offer that aims to simplify access to electric vehicles for companies, local communities and private individuals. Based on a monthly rental fee, the integrated service includes electric vehicle leasing from Arval and the installation and maintenance by ENGIE of charging points at company sites, in town centres or at drivers’ homes. The offer includes an unique and innovative “green energy” option.
The offer will be launched first in Belgium in early 2019 and then in France. It will subsequently be deployed in several countries, including Italy, the Netherlands and the UK.
This commercial agreement confirms ENGIE and Arval’s commitment to the development of green mobility.
Signing the agreement, Shankar Krishnamoorthy, ENGIE’s Executive Vice-President, said: “Supporting the energy transition with cleaner mobility solutions – including electric – is at the heart of ENGIE’s strategy. This new integrated offer, created jointly with Arval, will democratise access to electric vehicles and help improve air quality and reduce noise pollution in cities.”
Transport is currently responsible for 23% of CO2 emissions worldwide and 95% of the sector still relies on petroleum fuels. As the leading independent electricity generator and a pioneer of the energy revolution, ENGIE has made green mobility one of the pillars of its strategy. The ENGIE Group is developing a range of solutions tailored to its customers’ needs such as urban planning consultancy services, public transport solutions (electrification, installation of signalling systems, service optimisation), solutions using alternative fuels (electricity but also natural gas and hydrogen) and digital platforms aiming to improve traffic flow. To find out more about ENGIE’s commitment to green mobility, visit: https://www.engie.com/en/news/panorama-green-mobility/
Bart Beckers, Arval’s Chief Commercial Officer, commented: “We are delighted to be cooperating with ENGIE in this innovative partnership and combining our strengths to support our future customers with tailored electric mobility services that will facilitate their electrification strategies. For Arval, this partnership illustrates our ambition to be an active player in the energy transition by working with strategic international partners to accelerate change.”
Companies are increasingly keen to introduce vehicles using alternative energy sources into their fleets: 26% of companies intend to choose electric vehicles for part of their fleet in the next three years, and this percentage climbs to 56% among major corporations. Arval is committed to supporting its customers in their energy transition strategies by helping them choose the right vehicle for their purposes. Electric vehicles are an increasingly attractive solution, particularly in urban areas, to help reduce air and noise pollution levels. With services developed to simplify and accelerate the adoption of electric vehicles, Arval is positioning itself as a major player in its industry in the field of electric vehicles and their ecosystem.
About ENGIE
We are a global energy and services group, focused on three core activities: low-carbon power generation, mainly based on natural gas and renewable energy, global networks and customer solutions. Driven by our ambition to contribute to a harmonious progress, we take up major global challenges such as the fight against global warming, access to energy to all, or mobility, and offer our residential customers, businesses and communities energy production solutions and services that reconcile individual and collective interests. Our integrated – low-carbon, high-performing and sustainable – offers are based on digital technologies. Beyond energy, they facilitate the development of new uses and promote new ways of living and working. Our ambition is conveyed by each of our 150,000 employees in 70 countries. Together with our customers and partners, they form a community of imaginative builders who invent and build today solutions for tomorrow.
2017 turnover: 65 billion Euros. Listed in Paris and Brussels (ENGI), the Group is represented in the main financial (CAC 40, BEL 20, Euro STOXX 50, STOXX Europe 600, MSCI Europe, Euronext 100, FTSE Eurotop 100, Euro STOXX Utilities, STOXX Europe 600 Utilities) and extra-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris – World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance). To learn morewww.engie.com
ENGIE HQ Press contact:
Tel. France : +33 (0)1 44 22 24 35
Email: engiepress@engie.com
Investors relations contact
Tel. : +33 (0)1 44 22 66 29
Email: ir@engie.com
SOURCE: ENGIE
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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
Tension rises between Nissan and Renault
How do you say “no” in Japanese? Friday night, Thierry Bolloré, the interim boss of Renault, sent a letter to Hiroto Saikawa, his counterpart at Nissan, to ask him to hold a meeting. general meeting extraordinary Japanese manufacturer. Thierry Bolloré explained in his missive to be “very concerned” by the indictment of the Japanese group… Continue reading Tension rises between Nissan and Renault
Ghosn pay probe shifts to Nissan, CEO Ghosn Saikawa
Ghosn pay probe shifts to Nissan, CEO Ghosn SaikawaIn the uproar over Carlos Ghosn’s alleged financial improprieties, the former chairman of Nissan Motor Co. has received most of the heat. Now, the scrutiny has expanded to the role of the Japanese automaker and its chief executive officer: Hiroto Saikawa.
Tokyo prosecutors on Dec. 10 indicted Nissan, as well as Ghosn, for allegedly misleading investors and the government about how much the company was paying its top executive. For Nissan, a potential $6.2 million fine for filing false financial statements may only be the start of its troubles.
Prosecutors charged Nissan with breaching Japan’s financial instruments and exchange law by under-reporting Ghosn’s compensation by about $43 million. Ghosn has been in custody in a Tokyo jail since his arrest on Nov. 19, with Nissan accusing him of the income-reporting violations and misusing the carmaker’s assets, including Nissan-owned houses. He faces a 10-year prison term if convicted.
The indictments raise questions about Nissan’s corporate governance and cast attention on the leadership of Saikawa, Ghosn’s protg and a longtime board member, so much so that his job may even be on the line, according to analysts and people familiar with the situation inside the company.
“He’s at risk,’’ said Tatsuo Yoshida, an analyst at Sawakami Asset Management in Tokyo and a former Nissan employee. “Prosecutors are certainly scrutinizing the role of Saikawa and other executives.’’
Nissan said Saikawa has “led company-wide efforts to identify and resolve governance and compliance issues” since the start of his tenure. The company, which is scheduled to have a board meeting Monday, also said its three external directors are discussing the creation of a committee to improve governance and oversight of board compensation.
At today’s board meeting, directors may postpone a decision on Ghosn’s successor to focus instead on setting up the governance committee, a person familiar with the matter said.
In the four weeks since Ghosn and his deputy, Greg Kelly, were arrested and jailed, Nissan’s board has drawn criticism for having appointed an ex-race car driver to provide outside oversight and failing to set up an external committee on executive pay.
Ghosn’s legal council says accusations against the executive are flawed because Ghosn never signed written agreements that he was to receive any deferred payments after retirement, according to a statement by the office of his lawyer, Motonari Otsuru.
At first “the prosecutor said this is the result of two bad eggs that we’re going to indict criminally and if we can just surgically remove them, everything will be fine,” said Stephen Givens, a Tokyo-based corporate lawyer. “But that’s not the way it’s turning out to be.”
Nissan last month removed Ghosn as chairman of the board, but the Japanese automaker’s partner and largest shareholder, Renault SA, has voted to keep the jailed executive as its chairman. In a statement, the French company’s board said its legal council will continue to examine the evidence provided by Nissan.
Renault’s decision to keep Ghosn at its helm may escalate tensions with its Japanese partner, which have all but exploded into the open since his shock arrest. Nissan has long been unhappy about what it considers an outsized French role in the partnership, and is seeking to redress perceived imbalances, people familiar with the matter have said.
In a sign of deepening divide between the partners, Renault is pushing Nissan to call a shareholder meeting as soon as possible to discuss the Japanese automaker’s indictment, governance and the French company’s appointees on Nissan’s board, people familiar with the matter said.
The scandal has underscored a pattern of oversight failings at Nissan that could be very costly, if it scares off institutional investors, according to Koji Endo, an analyst at SBI Securities Co. in Tokyo. The stock has lost about 7 percent in four weeks, erasing almost $3 billion in shareholder value.
“For institutional investors who put a priority on compliance and governance, it’s impossible to invest in this kind of company,” Endo said. “That’s obviously going to put downward pressure on the share price.”
Janet Lewis, an analyst at Macquarie Capital Securities, said the alleged irregularities in Nissan’s securities disclosures, as small as the numbers may be, force investors to look more closely at the automaker’s other lapses. Nissan has had to recall more than a million vehicles in the past two years, following revelations unqualified workers were performing safety checks. The latest recall, which came this month, involved improper tests of steering and brakes.
“There was nothing wrong with the cars. It was a problem of process,” Lewis said. “But at a certain point it starts to look like a systemic issue with the checks and balances inside this company.’’
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ChargePoint To Equip M-B Dealerships With Charging Stations For EQC
5 H BY MARK KANE ChargePoint will be supplying Mercedes-Benz dealers with chargers ahead of the launch of the EQC Daimler selected ChargePoint to deploy charging solutions for retailers in Germany (Mercedes-Benz Cars, Vans and Trucks), which sounds reasonable as the German manufacturer has been a shareholder of ChargePoint since March 2017. Daimler is gearing up… Continue reading ChargePoint To Equip M-B Dealerships With Charging Stations For EQC
Interview: delivering on Aston Martin’s bold vision for the future – The Engineer
Aston Martin’s ambitious expansion plans have grabbed the headlines in recent months. Chris Pickering talks to two members of the team charged with turning the company’s dreams into reality New milestones have come thick and fast in the last 12 months or so of Aston Martin’s 105-year history. The British brand has returned to profit,… Continue reading Interview: delivering on Aston Martin’s bold vision for the future – The Engineer