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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Nidec Corporation    6594   JP3734800000

NIDEC CORPORATION

(6594)
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Nissan picks Sakamoto as board candidate after Seki's resignation

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12/27/2019 | 04:06am EDT
FILE PHOTO: Nissan Executive Vice President Sakamoto speaks during an interview with Reuters at the carmaker's headquarters in Yokohama

Nissan Motor Co has selected executive officer Hideyuki Sakamoto as a candidate for the board of directors, the company said on Friday, following the surprise resignation of vice-chief operating officer Jun Seki earlier this week.

Sakamoto, who was named an executive officer in June and has been an executive vice president since 2014, is responsible for manufacturing and supply chain management at Japan's No. 2 automaker. Nissan will hold an extraordinary shareholder meeting on Feb. 18, where his appointment will be among proposals submitted for approval, it said in a press release.

The carmaker did not say whether Sakamoto would take on Seki's responsibilities.

Nissan needs stability as it braces for its worst annual profit in 11 years amid slumping sales in the United States and China, its biggest markets. The company is also working to repair ties with top shareholder and alliance partner Renault, which deteriorated following the ouster of joint chairman Carlos Ghosn a year ago.

The abrupt departure of Seki, part of Nissan's newly appointed three-person leadership team and the executive charged with leading the recovery plan, sent the carmaker's shares to an eight-year low on Wednesday. He will join motor-maker Nidec Corp as president.

Seki, Chief Executive Makoto Uchida and Chief Operating Officer Ashwani Gupta officially took over on Dec. 1, but sources say they failed to immediately gel. Renault is due to name a new CEO in the coming weeks as well.

Nissan's top ranks have seen upheaval several times in the 13 months since Ghosn's arrest on charges of financial misconduct, which he denies. Hiroto Saikawa resigned as CEO in September after he admitted to being improperly overpaid.

Nissan embarked on its wide-ranging restructuring plan in April, attempting to draw a line under the costly expansion pursued by Ghosn. It plans to axe nearly one-tenth of its workforce and cut global vehicle production by 10% through 2023.

Nissan, Renault and third partner Mitsubishi Motors Corp need to leverage their alliance as automakers globally ramp up spending on new technologies like electrification and autonomous driving.

Renault in October ousted CEO Thierry Bollore, who was close to Ghosn and had strained ties with former Nissan counterpart Saikawa. New Nissan chief Uchida is known for having close ties to the French automaker.

The three companies earlier this month named Hadi Zablit to the newly created position of general secretary of the automaking alliance, charging him with boosting efficiencies and maximizing profit benefits for the partners.

By Kevin Buckland

Stocks mentioned in the article
ChangeLast1st jan.
BOLLORÉ -3.60% 2.41 Real-time Quote.-35.73%
MITSUBISHI CORPORATION 3.09% 2349.5 End-of-day quote.0.88%
MITSUBISHI MOTORS CORPORATION 7.64% 310 End-of-day quote.4.73%
NIDEC CORPORATION 0.19% 10300 End-of-day quote.2.49%
NISSAN MOTOR CO., LTD. 0.38% 366.8 End-of-day quote.-2.68%
RENAULT -4.01% 17.208 Real-time Quote.-59.20%
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Financials (JPY)
Sales 2020 1 566 B
EBIT 2020 138 B
Net income 2020 90 277 M
Debt 2020 361 B
Yield 2020 0,97%
P/E ratio 2020 38,5x
P/E ratio 2021 23,8x
EV / Sales2020 2,38x
EV / Sales2021 2,08x
Capitalization 3 368 B
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Mean consensus BUY
Number of Analysts 19
Average target price 8 323,61  JPY
Last Close Price 5 733,00  JPY
Spread / Highest target 162%
Spread / Average Target 45,2%
Spread / Lowest Target -32,4%
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Managers
NameTitle
Shigenobu Nagamori Chairman & Chief Executive Officer
Hiroyuki Yoshimoto President, COO & Representative Director
Takeaki Ishii CFO, Managing Executive Officer & Head-Accounting
Mikio Katayama Vice Chairman & Chief Technology Officer
Hiroshi Kobe Vice Chairman & Chief Sales Officer
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