Nissan shareholders add new directors

Nissan logo is seen in Tokyo Motor Show in Tokyo, Japan October 24,2019. REUTERS/Soe Zeya Tun/Files

TOKYO: As Nissan Motor Co’s shareholders met yesterday to place new management on the board, the backdrop was grim. Sales and profitability are declining, a turnaround plan isn’t due for another three months and the stock is hovering near decade lows.

Chief executive officer Makoto Uchida, chief operating officer Ashwani Gupta, executive vice- president Hideyuki Sakamoto and Renault SA director Pierre Fleuriot were voted in as directors in essentially a swap with their executive predecessors. The proposals passed with the support of the French carmaker, which owns 43% of its Japanese partner.