Nissan CEO Forfeits 50% of Pay and Slashes 9,000 Jobs in Restructuring
- Reduces operating income forecast by 70% to ¥150 billion
- Will sell back up to 10% of its stake in Mitsubishi Motors
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Nissan Motor Co.’s struggles to cope with tougher car industry conditions and address internal weaknesses have spiraled, leaving the automaker no choice but to slash payroll, production and its forecasts for this fiscal year.
The Japanese company will dismiss 9,000 workers and cut a fifth of its manufacturing capacity after net income plummeted 94% in the first half. Nissan also will sell off some of its stake in Mitsubishi Motors Corp. after burning through ¥448.3 billion ($2.9 billion) in cash the last six months.