Nissan CEO to give up half of his salary amid Nissan troubles

Nissan Chief Executive Makoto Uchida told shareholders on Monday he is giving up half his pay after the Japanese automaker sank into the red amid plunging sales and plant closures in Spain and Indonesia.

Uchida apologised for the poor results and promised a recovery by 2023, driven by cost cuts and new models showcasing electric-car and automated-driving technology.

All the world's automakers have been hurt by nose-diving sales caused by the coronavirus pandemic.

But the problems are especially serious for Nissan Motor Co. which already was fighting to salvage its reputation after the financial misconduct scandal of its former star executive Carlos Ghosn.

Nissan, based in Yokohama, Japan, sank into its first annual loss in 11 years, reporting a 671.2 billion yen ($6.3 billion) loss for the fiscal year that ended in March.

It has not given a projection for this fiscal year, citing uncertainties over the virus outbreak.

Uchida again outlined Nissan's strategy to focus on three major global markets, Japan, China and North America, including Mexico, and relying on alliance partners for the other markets.

The company also plans to reduce the number of models it offers.

At the shareholders meeting in Yokohama on Monday Uchida also said he would "like to resign" if business did not improve.