Story continues below…Net profit came in at 1.5 billion euros ($1.66 billion) on sales of €25.2 billion, up 13.5 percent, as strong sales of new car models kicked in. The company will cut the variable part of Ghosn's salary by 20 percent, change how it is calculated and cap it at 180 percent of his fixed salary. Beside this year's pay cut, Ghosn also told the board he will donate one million euros a year from his salary to the company's foundation. The automobile giant's shareholders rejected Ghosn's 2015 pay packet of €7.25 million ($8 million) at a meeting in April, but the board ignored the vote and rubber-stamped his salary anyway. The French government, which owns a fifth of the company's shares, threatened to step in if the board refused to reconsider the package.

Source: The Local July 28, 2016 07:07 UTC