Nissan Uchida, President “Implementation of Reform without Compromise” At the Shareholders' Meeting June 29, 12:03

Nissan Motor Co., Ltd.'s shareholders' meeting, which had a huge deficit of more than 600 billion yen last year, was held and President Makoto Uchida said, "We will carry out reforms without any compromise" and recover from the expansion route We sought the understanding of our shareholders in advancing the structural reforms that allowed them.

The Nissan shareholders' meeting was held at the headquarters in Yokohama. In this situation, President Uchida apologized, "I am very sorry to all the shareholders," for the fact that the final profit and loss in the last fiscal year exceeded 670 billion yen and the payment of the year-end dividend was postponed.

After that, he explained about the structural reforms that are aiming to shift from the expansion route, such as reducing the production capacity of cars by 20%, and said, "I want to carry out the reforms without any compromise. The road is not flat, but the power of employees is concentrated. We want to overcome the crisis and return to a growth trajectory.”

Shareholders repeatedly queried the results of the cooperation with Renault in France, a tough opinion and questions regarding measures to deal with the slumping stock prices and insufficient reduction of executive compensation.

On the other hand, the company explained that in a coalition with Renault and others, each company will have independence and will put their sales and profits first and work together.

After that, the proposal for the election of directors was approved, and the general meeting of shareholders ended in about 1 hour and 50 minutes.

The environment surrounding the automobile industry is becoming more severe due to the spread of the new coronavirus, and Nissan is being asked if it can steadily recover its earnings.