Nissan Now Has More to Worry About Than Ghosn
The Japanese carmaker is doing badly across the board. It needs more than expressions of regret over the ousted chairman.
Plenty to think about for CEO Hiroto Saikawa.
Photographer: Akio Kon/BloombergWade past the shadows of the Carlos Ghosn debacle and a picture emerges of a car business that was already in deep trouble.
Nissan Motor Co.’s operating profit dropped around 14 percent in the first nine months, margins shrank, and net income tanked 45 percent from a year earlier, the Japanese carmaker said Tuesday. The company also booked a 9.2 billion-yen ($83 million) expense related to its former chairman’s compensation. Through all the recent twists and turns in the Ghosn drama, it’s now clear there have been problems for a while in the way the business was being run, not just in its corporate governance.