DriftGirlJune 20, 2007
#68125No bonuses for Nissan executives
Nissan's sales have been weak in recent times and designs have been questionedNissan has said its senior management will not be paid bonuses this year after the carmaker suffered its first fall in profits in seven years.
Chief executive Carlos Ghosn told shareholders at a meeting in Tokyo that senior executives "took responsibility" for its disappointing performance.
Nissan has trailed rivals Toyota and Honda, and shareholders expressed concerns about future product quality.
But Mr Ghosn said that this year would see improvements in the business.
'Better year ahead'
"We are taking our responsibility seriously," he said of the management's decision to forego their bonuses.
"2007 will be a better year for Nissan," he added.
Nissan suffered a 11% fall in profits last year, Mr Ghosn's first major setback since he joined the business from partner firm Renault in 1999.
Mr Ghosn was heckled at times during the investor meeting, attended by more than 2,000 Nissan shareholders.
But he said the firm expected profits to rise 4% this year and pledged more aggressive investment in new capacity and energy efficient technology.
Separately, Mr Ghosn confirmed Nissan was developing a budget $3,000 car for the Indian market but had yet to set a launch date.
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But in Other Automotive news: GM executives look puzzled as they count their bonuses
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Nissan's sales have been weak in recent times and designs have been questioned Nissan has said its senior management will not be paid bonuses this year after the carmaker suffered its first fall in profits in seven years. Chief executive Carlos Ghosn told shareholders at a meeting in Tokyo that senior executives "took responsibility" for its disappointing performance. Nissan has trailed rivals Toyota and Honda, and shareholders expressed concerns about future product quality. But Mr Ghosn said that this year would see improvements in the business. 'Better year ahead' "We are taking our responsibility seriously," he said of the management's decision to forego their bonuses. "2007 will be a better year for Nissan," he added. Nissan suffered a 11% fall in profits last year, Mr Ghosn's first major setback since he joined the business from partner firm Renault in 1999. Mr Ghosn was heckled at times during the investor meeting, attended by more than 2,000 Nissan shareholders. But he said the firm expected profits to rise 4% this year and pledged more aggressive investment in new capacity and energy efficient technology. Separately, Mr Ghosn confirmed Nissan was developing a budget $3,000 car for the Indian market but had yet to set a launch date. ------------------------------------------------------------------- But in Other Automotive news: GM executives look puzzled as they count their bonuses