Nissan Motor Co. President and CEO Hiroto Saikawa admitted Thursday he was overpaid by an equity-linked remuneration program run by the company.

A day after reports alleged that he had received an extra tens of millions of yen in 2013 under the so-called stock appreciation rights plan, Saikawa told reporters in Tokyo that "the operation of the (program) was different to how it should have been."

However, he denied ordering the payment, saying, "I thought the procedures were handled properly and didn't know (about the misconduct)."