Updated Sept. 9, 2019, 10:25a.m.
The CEO of automaker Nissan has submitted his resignation, while the automaker’s board meets to discuss his potential replacement.
The resignation of Hiroto Saikawa, a protégé of disgraced former Nissan chairman Carlos Ghosn, marks the latest upheaval over leadership at the Japanese automaker.
Nissan was hit again by another potential financial scandal, when Saikawa admitted last week he was being improperly overpaid and was in violation of the company’s procedures. The most recent development comes after an internal investigation.
Speaking to reporters earlier, Saikawa said that he wanted to "pass the baton" to the next generation as soon as possible, the Japanese Nikkei newspaper reported.
The search and vetting process for a new CEO would likely take about six months as the selection committee considers both Japanese and non-Japanese candidates for the position, an inside source told Reuters news agency.