A former senior board member of Nissan Motor Co. said the company's current chief executive officer sought an exception on the sale of compensation-linked stock, which resulted in him earning a higher profit, according to a Japanese media report.
Greg Kelly, who was arrested the same day as former Chairman Carlos Ghosn in November, told monthly magazine Bungei Shunju about the request alleged to have been granted to Hiroto Saikawa in 2013. Saikawa was executive vice president with Nissan at the time, and became CEO about four years later.
Saikawa sought the exception to help pay for the purchase of a new home, which Kelly alleges the executive had initially asked Nissan to buy for him, the report said. The magazine quoted Kelly as saying Saikawa reaped an estimated additional gain of ¥47 million ($430,000) when the stock award's execution date was changed to May 22 instead of May 14, a period during which Nissan's stock appreciated about 10 percent. The magazine quoted the former executive as saying the exception represented a "special case."