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Report: Nissan begins search for new CEO

Nissan Motor Co. Ltd. began the process of replacing CEO Hiroto Saikawa as part of an overhaul of the company's global operations, Financial Times reported, citing sources.

The company's board will meet on Sept. 9 to set a timetable for the process, sources said, adding that Nissan's nomination committee has been given the task of preparing a succession plan. Although several candidates have been approached about the position, the report noted that the committee will focus mainly on Japanese candidates.

The development comes days after Saikawa said he and other executives of the automaker had received more compensation than they should have under a stock appreciation rights scheme.

Nissan has been faced with increased scrutiny since former chairman Carlos Ghosn was arrested in November 2018 for suspected violation of Japan's financial trading laws.

In June, the relationship between Nissan and its French partner Renault SA also hit a new low after Renault said it will abstain from voting on Nissan's proposed governance overhaul. The overhaul, which would have created three statutory committees, could also have diluted Renault's influence as Nissan's largest shareholder.