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Nissan's Ghosn crisis

Nissan's Saikawa to stay on as CEO

Renault CEO Bollore to join Japanese carmaker's board

Hiroto Saikawa, president and CEO of Nissan Motor, shows concern about an already complicated alliance with Renault and Mitsubishi Motors. (Yoichi Iwata)

TOKYO -- Nissan Motor selected candidates for its board of directors ahead of a shareholder meeting in June, with CEO and President Hiroto Saikawa set to keep his director's post and remain at the helm of the struggling Japanese carmaker.

Renault, Nissan's largest shareholder with a 43% stake, will continue to have a strong voice on the board. Its CEO, Thierry Bollore, will join, while the French carmaker's chairman, Jean-Dominique Senard, will retain his directorship.

The moves outline Nissan's management structure following the arrest last November of former Chairman Carlos Ghosn on charges of misappropriating funds from the Japanese automaker.

The provisional nomination and compensation advisory committee, composed of outside directors, has put together its list of nominees and Nissan held an extraordinary board meeting on Wednesday to approve it. An official announcement of the new members is expected as soon as this week.

There are 11 director candidates, three more than the current board. Nissan will double the number of outside directors to six, hoping to improve the automaker's governance. Outside directors will hold a majority of board seats.

In addition to Saikawa, there are three board nominees from Nissan, including Yasuhiro Yamauchi, who was appointed chief operating officer on Thursday. His predecessor, Toshiyuki Shiga, will step down from the board.

Saikawa is trying to quell turmoil within Nissan and revamp the company, which has seen its financial performance deteriorate. But internal critics complain about the decision to retain Sakikawa, who was president under Ghosn.

The involvement of Renault's top two executives is aimed at strengthening collaboration between the two carmakers.

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