Nissan CEO stepping down

The CEO of Nissan Motor Co. said Monday he will resign his position in a week after reports surfaced that he had received improper payments under a Nissan stock payment plan.

Hiroto Saikawa has told reporters he did not know about the overpayment of about $400,000, which he called an error, and said he will pay back the money. But Nissan Chairman Yasushi Kimura said Monday the stock plan was “intentionally manipulated.” Ironically, Saikawa had ordered an audit of the equity plan’s workings in the wake of the ouster and arrest of former Chairman Carlos Ghosn over alleged financial misconduct — an alleged scheme the company now says cost it $327 million over a period of years.