Nissan Motor Co. President Carlos Ghosn, one of Japan's best-paid executives, received more than ¥1 billion ($9.58 million) in pay for the second straight year after the carmaker's profit climbed to a record.
Ghosn, 62, was paid a total of ¥1.07 billion for the 12 months ended March 31, up 3.5 percent from a year earlier, according to a statement distributed at Nissan's annual meeting Wednesday in Yokohama. After posting record net income, Japan's second-largest automaker has forecast profit in the current fiscal year will be little changed, as a stronger yen erodes overseas earnings.
While Ghosn's pay at Nissan increased, his compensation as the chief executive officer of French carmaker Renault SA was opposed by a majority of its shareholders and the French government. The executive is spearheading Nissan's move to acquire a 34 percent stake in Mitsubishi Motors Corp., which disclosed in April it manipulated fuel economy ratings.
Renault shareholders voted against Ghosn's €7.25 million paycheck for last year, as the French government led a pushback on pay for leaders of companies in which it owns a stake. The protest was symbolic because remuneration is set by a supervisory board committee and only put to a consultation vote.
The average compensation in 2015 for CEOs at comparable global automakers rose 14 percent to $22.2 million, Nissan said, citing an analysis of public data compiled by consulting firm Towers Watson. Ford Motor Co. CEO Mark Fields earned $18.6 million last year, while General Motors Co. CEO Mary Barra received $28.6 million.
Ghosn's pay is dwarfed by that of SoftBank Group Corp. President Nikesh Arora, who was paid ¥8.04 billion for the company's latest fiscal year. SoftBank said Tuesday that Arora will step down as president and remain with the company as an adviser.