Nissan board not likely to select new chairman on Monday

Nissan Motor’s board is unlikely to decide on a chairman to succeed Carlos Ghosn as had been expected on December 17 after a panel tasked to select a candidate did not agree on a nominee in a meeting held Thursday, a source stated.

The panel of the company’s three external directors agreed on Thursday that more time was required to decide on a candidate, according to two sources familiar with the matter.

One of the sources stated the external directors were likely to carry on their discussions over the weekend but were not expected to suggest a candidate at Monday’s board meeting.

The directors agreed on Thursday that they would concentrate on setting up a third-party committee to make suggestions on enhancing Nissan’s governance, the source stated.

The directors “won’t rush to make a decision (on the chairman) before the board meeting,” the source stated, adding that a candidate may be decided in next month.

The sources requested anonymity as the issue was confidential.

Ghosn has been held in a Tokyo jail since he was arrested on November 19 on suspicion of conspiring to understate his earnings by about half of the actual 10 billion yen ($88 million) awarded during five years from 2010. He was charged on Monday.

He was also re-arrested on new allegations of understating his earning for three more years through March 2018, with the Tokyo District Court increasing his detention until December 20.