The Japanese car maker expects operating profit for the year to end-March to drop 45% compared to 2018, citing Ghosn as part of the reason
Carlos Ghosn at a press conference during the Paris auto show in this file photo from October 3 2018. Picture: REUTERS/REGIS DUVIGNAUNissan slashed its full-year profit forecast to its lowest in nearly a decade due to weakness in the US, just as it adjusts to life without Carlos Ghosn and charts its future with alliance partner Renault.
This is the second cut to the automobile maker’s operating profit forecast in two months, and adds pressure on CEO Hiroto Saikawa just as he works to draw a line under Ghosn’s legacy by overhauling corporate governance and seeking a more equal footing with Renault, Nissan’s biggest shareholder. Falling profit has been a headache for Nissan since before Ghosn was first arrested in November on allegations of financial misconduct. Currently in jail after his fourth arrest, Ghosn, who denies wrongdoing, could learn as early as Wednesday whether he will be released on bail for a second time.
Saikawa, who took over as CEO in 2017, has pledged to focus on improving profit margins, but it has been a slow process as Nissan continues to resort to discounting to shore up sales.
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