Nissan CEO promises turnaround for disgruntled shareholders

TOKYO (AP) — Nissan Chief Executive Makoto Uchida pleaded for patience from disgruntled shareholders Tuesday and promised a turnaround at the Japanese automaker, which is projecting a third year of losses as it struggles to distance itself from a scandal over its former chairman, Carlos Ghosn.

“What we have worked on during years of hardship will bear fruit,” Uchida said at the annual regular shareholders’ meeting.

Attendance was limited at the meeting, which was also relayed online due to pandemic precautions.

One shareholder got up and demanded a detailed disclosure of Ghosn’s alleged wrongdoing, saying questions about governance remained unanswered.

Another shareholder also addressed the Ghosn scandal, saying the problem should have been solved internally instead being handed over to prosecutors.

Nissan Motor Co., based in the port city of Yokohama, has been struggling in recent years. Its brand image was battered by the 2018 arrest of Ghosn over various financial misconduct allegations.

Ghosn jumped bail and fled to Lebanon in late 2019. But his arrest shocked Japan and raised serious questions about leadership at the maker of the Leaf electric car, Z sportscar and Infiniti luxury brand.

“We are sorry to have caused such worries. We are doing our best to recover your trust. I have not forgotten this for a moment,” said Uchida.

All shareholders remained anonymous and were identified with numbers.

Separately, another shareholder got up to express his outrage that there have been no dividends for two years, while some executives still are paid huge salaries.

Uchida assured investors the automaker was doing its best to avert a third straight year of losses.

Slammed by weak sales during the pandemic, Nissan is projecting a 60 billion yen ($540 million) loss for the...