Troubled by slumping U.S. sales, aging models and a product cycle that’s out of sync, the Yokohama-based company is on track to announce on Tuesday its lowest annual operating profit in a decade, raising the possibility of a dividend cut. The outlook for the current fiscal year to March 2020 probably won’t be any more promising.
“A new management team and strategy may be the answer,” said Michael Dean, a Bloomberg Intelligence analyst.“We do not comment on rumors or speculation,” said Nicholas Maxfield, a Nissan spokesman. “The company’s focus is on stabilizing operations and strengthening its management structure, while addressing the weaknesses in governance that enabled this misconduct.”
Saikawa said there are many ways to take responsibility and he believed the right thing for him to do now is to help Nissan rebuild, signaling his intention to stay on. Even so, Saikawa needs Renault’s vote from its 43% stake to back his reappointment, especially given that roughly half of minority shareholders have voted against his appointment since 2017.
A recent management shuffle also put the spotlight on executives who may also be in a position to lead the company. Hideyuki Sakamoto, in charge of manufacturing and supply-chain management, joined Nissan in 1980 as an engineer and has worked around the world, including the Nissan Technical Center in North America, Nissan’s largest affiliate supplier in Japan and Renault in Brazil. Jun Seki, formerly Nissan’s China chief, is now senior vice president overseeing “performance recovery.
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