Surveys of Consumers chief economist, Richard Curtin Consumer sentiment has remained largely unchanged at very favorable levels duringwith the November reading nearly at the center of the eleven month range from Although the data recorded a decline of 2.
The Japan ese automaker's CEO Hiroto Saikawa confirmed that Ghosn was arrested after being questioned by prosecutors following his full business reports in Japan earlier in the day.
It was a stunning development that will pose a daunting test for the Nissan-Renault-Mitsubishi alliance, one of the world's biggest automakers. The Yokohama-based company said the alleged violations involving millions of dollars by Ghosn, 64, and another executive were discovered during a months' long investigation that was instigated by a whistleblower.
The allegations also concern a Nissan representative director, Greg Kelly, who was also arrested. Saikawa said Nissan's board will vote Thursday on dismissing both Ghosn and Kelly, who he described as the "mastermind" of the alleged abuses.
Asked why the company had failed to spot the illicit activity for so long, Saikawa said it was because a "system in the company" allowed a lack of transparency that made the wrongdoing possible. Throughout the news conference he repeatedly said he was constrained by the ongoing investigation from disclosing many of the details of the case.
But he promised to beef up corporate governance, adding that the problems may have happened because too much power was concentrated in one person.
Already at Nissan for 19 years, Ghosn signed a contract earlier this year that would have run through His compensation, high by Japan's moderate standards for executive pay, has been an issue over the years. The news of Ghosn's troubles broke after Japanese markets had closed for the day.
The allegations are a serious blow at a time when Nissan and Mitsubishi Motor Co. Ghosn is credited with helping engineer a remarkable turnaround at Nissan over the past two decades, resuscitating the Japanese automaker from near bankruptcy after he was sent in by Renault.
For the past two decades, he has maintained an unusually high profile in a nation where foreign chief executives of major Japanese companies are still relatively rare. He looms similarly large in France, where the business world saw him as a trailblazer from outside the traditional French mold who turned Renault around and made it into a global player, notably in electric vehicles.
He also led the French carmaker through massive job cuts and a costly, contentious bailout amid the world financial meltdown a decade ago and what he called a "crisis of massive proportions" for the auto industry.
Ghosn has also been a nemesis for French unions and left-wing politicians, who saw him as a symbol of globalized, U. Shareholders at Renault voted in against Ghosn's pay package, seeing it as too generous — but the board ignored the vote. That prompted the ire of then-President Francois Hollande.
Hollande's socialist government imposed limits on executive pay at state-run companies and tried to do the same in the private sector but backed down amid concerns that it would scare away foreign investment.
Nicknamed "Le Cost Cutter," Ghosn's appointment inspired fears of social and economic upheaval amid plant closings, mass layoffs and the potential damage his reforms might inflict on Nissan's ties with its suppliers.
But his triumph in turning the company around and introducing greater efficiency made him something of a national hero. Ghosn served as Nissan's chief executive from until Aprilbecoming chief executive of Renault inleading the two major automakers simultaneously.
InGhosn became Mitsubishi Motors' chairman. Asked if Ghosn was a charismatic leader or a despot, Saikawa said that as an outsider, "He achieved much that many others could not do in reforms, especially in the beginning.
But over these 19 years we have been developing many things," Saikawa said.The Zacks Equity Research reports, or ZER for short, are our in-house, independently produced research reports. The ever popular one-page Snapshot reports are . Sep 13, · InMed Pharmaceuticals Reports Fourth Quarter and Full Year Fiscal Financial Results and Provides R&D and Business Update.
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