Japanese car giant Nissan shook up its executive board Friday, adding a top director from partner Renault as it battles the fallout from the Carlos Ghosn saga and disappointing results.The firm will propose to shareholders a new board structure with 11 members, six of whom will be external, as Nissan attempts to improve corporate governance in the wake of former chairman Ghosn's arrest for alleged financial misconduct. Senard has already been sitting on the Nissan board since he was elected to replace Ghosn at an extraordinary shareholders' meeting in April. He denies any wrongdoing.But analysts point to several problems for Nissan beyond Ghosn, including apparently declining relations with its French partner Renault and a dearth of new products. "At this time of radical transformation in the automotive industry, Nissan urgently needs to establish a highly effective governance structure to enhance business capabilities and achieve sustainable corporate value," the company said in its statement.Saikawa has brushed off calls for his resignation, saying he wanted to launch a fresh start for the firm and would discuss the timing of his stepping down "at the appropriate time." Nissan, Renault and Mitsubishi Motors make up an unusual three-way alliance that has grown to become the top-selling car group.Ghosn was the driving force between bringing the firms together and has since alleged that Nissan launched an investigation into him over fears he was hoping to merge the Japanese and French companies.Saikawa has admitted "differences of opinion" with Senard on the future make-up of the alliance, including the capital partnership between the two companies.Renault is pushing towards a merger of the two firms but Nissan executives are more sceptical.

Source: Economic Times May 17, 2019 09:56 UTC