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7211 - Mitsubishi Motors News Story

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Consumer Cyclicals
Mid Cap
Market Cap £2.42bn
Enterprise Value £3.10bn
Revenue £14.22bn
Position in Universe 313th / 3863

UPDATE 1-Nissan denies corporate conspiracy to oust ex-chairman Ghosn

Mon 29th June, 2020 5:15am
(Recasts, adds more details from meeting)
    TOKYO, June 29 (Reuters) - Nissan Motor Co Ltd  7201.T  on
Monday blasted suggestions in media reports of a conspiracy
within the company to oust former chairman Carlos Ghosn. 
    Ghosn's 2018 arrest in Japan on financial misconduct charges
has led to much speculation that the move was orchestrated by
Nissan executives who opposed closer ties with partner Renault
SA  RENA.PA .   
    "I know that in books and the media there has been talk
about a conspiracy but there are no facts whatsoever to support
this," Motoo Nagai, chairman of Nissan's auditing committee,
told shareholders at the company's annual general meeting.
    Responding to demands from a shareholder to address the
speculation, Nagai argued that the investigation into Ghosn was
conducted both internally and by outside law firms.  
     Monday's meeting lasted almost two hours - twice as long as
planned, as shareholders grilled Chief Executive Makoto Uchida
on how he planned to restore trust in the company following the
Ghosn scandal, and revive sales in the United States and China. 
    Uchida, who took the helm in December, told shareholders he
would stick to his promise to step down as leader if he fails to
deliver on a turnaround plan for the Japanese automaker, which
last month reported its first annual loss in 11 years.*:nL4N2DA1L5
    Seeking to slash costs and downsize after years of excessive
spending in the pursuit of market share, Nissan plans to cut its
model range by about a fifth and reduce production capacity,
shuttering plants in Spain and Indonesia and laying off workers
in countries including Mexico. 
    It now aims to sell 5 million vehicles a year, far fewer
than past ambitions of 8 million.


 (Reporting by Naomi Tajitsu; Editing by Edwina Gibbs)
 ((; +81364411078; Reuters
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