NewsWorld News


Nissan’s directors say governance reforms to bring job cuts

Posted at 2:33 AM, Jul 24, 2019
and last updated 2019-07-24 05:33:06-04

YOKOHAMA, Japan (AP) — The executives charged with strengthening governance at Nissan are saying extensive job cuts are coming, designed to drive a recovery at the Japanese automaker.

Nissan’s brand image has been battered by a scandal over alleged financial misconduct by its former chairman, Carlos Ghosn.

Motoo Nagai, a former banker and new outside director overseeing audits, told reporters Wednesday that the job cuts will be under a new “jump” recovery plan. Japanese media have reported Nissan plans to slash 10,000 jobs.

The company reported in May that its annual profit nose-dived to less than half of what it earned the previous year.

Ghosn led Nissan for two decades and is awaiting trial on allegations he under-reported his future compensation and had Nissan shoulder his investment losses. He says he is innocent.