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Nissan Shareholders Add New Directors as Business Plummets

  • Top executives likely will replace their predecessors on board
  • Nissan seeks turnaround after cutting full-year profit outlook
Nissan Slashes Full-Year Outlook Again With Dividend in Limbo
Photographer: Akio Kon/Bloomberg
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As Nissan Motor Co.’s shareholders met Tuesday 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. The voting totals weren’t immediately disclosed.