Nissan top executive Seki to resign amid the turnaround plan

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The executive tasked with overseeing a recovery at Nissan Motor stated he had decided to resign just weeks into his recent job, a move that could disturb the automaker’s push to turn the corner on scandal and declining sales.

Jun Seki, Nissan’s vice chief operating officer and a former contender for chief executive, informed Reuters he was exiting to become the president of Nidec, a Kyoto-based manufacturer of automotive parts and precision motors.

He will probably depart in January following three decades at Nissan, including a stint heading its China business.

“I love Nissan and I feel bad about leaving the turnaround work unfinished, but I am 58 years old, and this is an offer I could not refuse. It’s probably my last chance to lead a company too,” he stated in a brief interview.

“It’s not about money. In fact, I will take a financial hit since Nissan pays us well,” Seki stated. He refused to elaborate further.

Nissan and Nidec refused to discuss the matter.

Seeking to roll back some of the costly expansion under former chairman Carlos Ghosn, Nissan has embarked on a wide-ranging turnaround strategy.

That plan, which started in April, is now on track to bring a cumulative few hundred billion yen in cost cuts and operational efficiency gains by the year to March 2022, stated two Nissan sources who spoke on condition of anonymity. One hundred billion yen is approximately equal to $915 million.

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