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The Irish Sun
26-06-2025
- Automotive
- The Irish Sun
Boss of car brand ‘facing crisis' reveals ‘comeback plan' in ‘stormy' meeting after 20,000 jobs axed & factories shut
THE boss of a reportedly struggling major car firm has laid out plans for the company's 'comeback' during a "stormy" meeting. On Tuesday, Nissan's annual general meeting was held in 5 Ivan Espinosa took over as CEO of Nissan in April this year Credit: EPA 5 Nissan shares have fallen by 36% in the last year Credit: Reuters 5 Espinosa plans to make big cuts in a bid to revive the company Credit: David Shepherd Photographer shep@ It marked the first for new boss Ivan Espinosa who hopes to halt the These cuts also include closing seven plants and cutting a total of around 25% of Nissan's workforce. One shareholder reportedly accused the board of trying to 'shift its responsibility to frontline workers' by cutting jobs while retaining their own positions. Espinosa, who Motors News This comes after Reuters also claim that shareholders vented their frustrations over the automaker's poor performance at the annual meeting, with some allegedly demanding greater management accountability for the deepening crisis at Japan's third largest company. Nissan reported a $4.5billion net loss in the last financial year, with there being no guarantee it will return to profit this year. In fact, so far, it has reportedly declined to give a full-year earnings forecast, and has estimated a first-quarter loss of $1.36billion. Most read in Motors The firm also All the same, Reuters reported that shareholders voted down a number of proposals that the company had opposed, including an activist-shareholder proposal that would have forced Nissan to take action on listed subsidiary Nissan Shatai. Luxury automaker to convert once-beloved sports bar left abandoned for years into an 'exclusive' motorcycle dealership The manufacturer has put losses down to costs to carry out a strategy planned by Espinosa. Earlier this year, he made way for a £2.6billion decrease in the value of production and forked out £316million in restructuring costs. The restructuring included moves to axe 9,000 jobs internationally and the scrapping of a factory in Sunderland. Tokyo-based activist shareholder, Strategic Capital, allegedly pressed Nissan to take action on its listed subsidiary as part of its overhaul. While the proposal was defeated, the breakdown of the vote won't be known until next year. According to Reuters, Japanese companies are under increasing pressure from the Tokyo Stock Exchange and regulators to clear up so-called 'parent-child listings,' as they are seen as unfair to minority shareholders and a drag on governance. Strategic Capital had proposed that Nissan change its articles of incorporation so that it would be required to annually examine its relationship with listed subsidiaries and disclose what action it plans to take. Nissan's board have reportedly opposed this proposition, saying changing its articles of incorporation would hinder its flexibility. This follows Nissan announcing they were In addition to the new plans to cut back, bosses also have already announced that the management team will transition to a single-layer, non-officer framework, which means a 20 percent reduction in top positions. A spokesperson said in March, the move will create a 'streamlined and borderless organisation.' These changes were implemented on April 1 this year. The Sun has reached out to Nissan for comment. 5 Shareholders are demanding greater management accountability Credit: Reuters 5 Nissan announced that they were facing severe troubles earlier this year Credit: David Shepherd Photographer shep@
Asahi Shimbun
24-06-2025
- Automotive
- Asahi Shimbun
Nissan shareholders assail management over deepening crisis
Protesters hand out leaflets against Nissan Motor's turnaround plan in front of the company's global headquarters while its annual shareholder meeting is being held in Yokohama on June 24. (REUTERS) Nissan Motor shareholders vented their frustrations over the automaker's poor performance at its annual general meeting on Tuesday, with some demanding greater management accountability for the deepening crisis at Japan's third-largest car company. The meeting was the first for new boss Ivan Espinosa since he replaced Makoto Uchida as CEO in April. It remains to be seen whether Espinosa, a company veteran, will be able to halt the sharp decline at Nissan. Shares have fallen some 36% over the last year and dividend payments have been suspended. Nissan reported a $4.5 billion net loss in the last financial year and there is no guarantee it will return to profit this year - so far, it has declined to give a full-year earnings forecast, and has estimated a first-quarter loss of 200 billion yen ($1.38 billion). All the same, shareholders voted down a number of proposals that the company had opposed, including an activist-shareholder proposal that would have forced Nissan to take action on listed subsidiary Nissan Shatai. Espinosa has laid out plans for big cuts, including closing seven plants and shedding a total of 20,000 jobs, or around 15% of Nissan's workforce. One shareholder accused the board of trying to "shift its responsibility to frontline workers" by cutting jobs while retaining their own positions. The board should likewise face a shake-up or risk losing the trust of shareholders and company employees, the shareholder said. Another shareholder complained about the cut to the dividend. Tokyo-based activist shareholder Strategic Capital had pressed Nissan to take action on its listed subsidiary as part of its overhaul. While that proposal was defeated, the breakdown of the vote won't be known until later. Japanese companies are under increasing pressure from the Tokyo Stock Exchange and regulators to clear up so-called "parent-child listings," which are seen as unfair to minority shareholders and a drag on governance. In one prominent example, Toyota Motor this month unveiled plans to take private its listed subsidiary, Toyota Industries, in a complex, $33 billion transaction that some shareholders have said undervalues the forklift operator. Toyota likely took action because "it felt pressure from shareholders and thought it had to change," said Tsuyoshi Maruki, the chief executive of Strategic Capital, in an interview with Reuters on Monday. He said he hoped Nissan's management could also give the issue similar consideration. Nissan owns 50% of Nissan Shatai, which manufactures cars for the automaker. Strategic Capital owns 3.5% of Nissan Shatai. It has also acquired a small stake in Nissan, allowing it to submit proposals to the general meeting. It has proposed that Nissan change its articles of incorporation so that it would be required to annually examine its relationship with listed subsidiaries and disclose what action, if any, it planned to take. Nissan's board has opposed that and said changing its articles of incorporation would hinder its flexibility.
TimesLIVE
24-06-2025
- Automotive
- TimesLIVE
Nissan shareholders assail management over deepening crisis
Nissan Motor shareholders vented their frustrations over the carmaker's poor performance at its AGM on Tuesday, with some demanding greater management accountability for the deepening crisis at Japan's third-largest car company. The meeting was the first for new boss Ivan Espinosa since he replaced Makoto Uchida as CEO in April. It remains to be seen whether Espinosa, a company veteran, will be able to halt the sharp decline at Nissan. Shares have fallen some 36% over the past year and dividend payments have been suspended. Nissan reported a $4.5bn (R80.2bn) net loss in the last financial year and there is no guarantee it will return to profit this year — so far, it has declined to give a full-year earnings forecast, and has estimated a first-quarter loss of ¥200bn (R24.4bn). All the same, shareholders voted down a number of proposals that the company had opposed, including an activist-shareholder proposal that would have forced Nissan to take action on listed subsidiary Nissan Shatai. Espinosa has laid out plans for big cuts, including closing seven plants and shedding a total of 20,000 jobs, or about 15% of Nissan's workforce. One shareholder accused the board of trying to 'shift its responsibility to front-line workers' by cutting jobs while retaining their own positions. The board should likewise face a shake-up or risk losing the trust of shareholders and company employees, the shareholder said. Another shareholder complained about the cut to the dividend. Tokyo-based activist shareholder Strategic Capital had pressed Nissan to take action on its listed subsidiary as part of its overhaul. While that proposal was defeated, the breakdown of the vote won't be known until later. Japanese companies are under increasing pressure from the Tokyo Stock Exchange and regulators to clear up so-called 'parent-child listings', which are seen as unfair to minority shareholders and a drag on governance. In one prominent example, Toyota Motor this month unveiled plans to take private its listed subsidiary, Toyota Industries, in a complex, $33bn (R584.25bn) transaction that some shareholders have said undervalues the forklift operator. Toyota likely took action because 'it felt pressure from shareholders and thought it had to change,' said Tsuyoshi Maruki, the CEO of Strategic Capital, in an interview with Reuters on Monday. He said he hoped Nissan's management could also give the issue similar consideration. Nissan owns 50% of Nissan Shatai, which manufactures cars for the carmaker. Strategic Capital owns 3.5% of Nissan Shatai. It has also acquired a small stake in Nissan, allowing it to submit proposals to the general meeting. It has proposed that Nissan change its articles of incorporation so that it would be required to annually examine its relationship with listed subsidiaries and disclose what action, if any, it planned to take. Nissan's board has opposed that and said changing its articles of incorporation would hinder its flexibility.
TimesLIVE
24-06-2025
- Automotive
- TimesLIVE
Nissan turnaround plan under spotlight at shareholder meeting
Nissan Motor will face scrutiny over its deepening crisis at an annual general meeting on Tuesday, where investors will also vote on an activist proposal urging it to take action on listed subsidiary Nissan Shatai. It is anyone's guess whether new boss Ivan Espinosa will be able to halt the sharp decline at the carmaker, where shares have fallen 36% over the past year and dividend payments have been suspended. Nissan reported a $4.5bn (R80,235,495,000) net loss in the last financial year and there is no guarantee it will return to profit this year. So far it has declined to give a full-year earnings forecast. Espinosa has laid out plans for big cuts, including closing seven plants and shedding a total of 20,000 jobs, or around 15% of Nissan's workforce. One Tokyo-based activist investor, Strategic Capital, thinks the overhaul should include Nissan taking action on its listed subsidiary. Japanese companies are under increasing pressure from the Tokyo Stock Exchange and regulators to clear up "parent-child listings", which are seen as unfair to minority shareholders and a drag on governance. In one prominent example, Toyota Motor this month unveiled plans to take private its listed subsidiary, Toyota Industries, in a complex, $33bn (R588,305,764,200) transaction that some shareholders have said undervalues the forklift operator. Toyota likely took action because "it felt pressure from shareholders and thought it had to change", Tsuyoshi Maruki, CEO of Strategic Capital, said in an interview with Reuters on Monday. He said he hoped Nissan's management could also give the issue similar consideration. Nissan owns 50% of Nissan Shatai, which manufactures cars for the carmaker. Strategic Capital owns 3.5% of Nissan Shatai. It has also acquired a small stake in Nissan, allowing it to submit proposals to the general meeting. It has proposed Nissan change its articles of incorporation so it would be required to annually examine its relationship with listed subsidiaries and disclose what action, if any, it planned to take.
Yahoo
24-06-2025
- Automotive
- Yahoo
Crisis-hit Nissan braced for scrutiny on turnaround plan at shareholder meeting
By Maki Shiraki TOKYO (Reuters) -Nissan Motor will face plenty of scrutiny over its deepening crisis at an annual general meeting on Tuesday, where investors will also vote on an activist proposal urging it to take action on listed subsidiary Nissan Shatai. It is anyone's guess whether new boss Ivan Espinosa will be able to halt the sharp decline at the automaker, where shares have fallen some 36% over the last year and dividend payments have been suspended. Nissan reported a $4.5 billion net loss in the last financial year and there is no guarantee it will return to profit this year - so far, it has declined to give a full-year earnings forecast. Espinosa has laid out plans for big cuts, including closing seven plants and shedding a total of 20,000 jobs, or around 15% of Nissan's workforce. One Tokyo-based activist investor, Strategic Capital, thinks the overhaul should include Nissan taking action on its listed subsidiary. Japanese companies are under increasing pressure from the Tokyo Stock Exchange and regulators to clear up so-called "parent-child listings", which are seen as unfair to minority shareholders and a drag on governance. In one prominent example, Toyota Motor this month unveiled plans to take private its listed subsidiary, Toyota Industries, in a complex, $33 billion transaction that some shareholders have said undervalues the forklift operator. Toyota likely took action because "it felt pressure from shareholders and thought it had to change," said Tsuyoshi Maruki, the chief executive of Strategic Capital, in an interview with Reuters on Monday. He said he hoped Nissan's management could also give the issue similar consideration. Nissan owns 50% of Nissan Shatai, which manufactures cars for the automaker. Strategic Capital owns 3.5% of Nissan Shatai. It has also acquired a small stake in Nissan, allowing it to submit proposals to the general meeting. It has proposed that Nissan change its articles of incorporation so that it would be required to annually examine its relationship with listed subsidiaries and disclose what action, if any, it planned to take. Nissan's board has opposed that and said changing its articles of incorporation would hinder its flexibility.
