YOKOHAMA (dpa-AFX) - Nissan Motor Co.'s (NSANF.PK) President and CEO Hiroto Saikawa reportedly admitted to being overpaid by an equity-linked remuneration scheme designed by Chairman Carlos Ghosn, who was ousted and arrested for alleged financial misconduct. Saikawa apologized and said he will return a portion of his performance-based pay.
Following an internal investigation, the company found that Saikawa and other executives had received improper compensation through a stock appreciation rights or SAR scheme. According to the Wall Street Journal, Saikawa got more than $400,000 in additional payments with change in execution date of stock appreciation rights.
The improper payments were disclosed on Wednesday at a meeting of Nissan's audit committee.
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