Carlos Ghosn’s payment may earn further ire in France

Article by Anita Panait, on July 3, 2013

The announcement that Carlos Ghosn received JPY988 (EUR7.6 million) for his role as Nissan’s chief executive in the fiscal year ended March 31, 2013, could further earn the ire of French unions and government officials. The same unions and government officials who were already upset on the EUR2.47 million he received last year as chief executive of Renault.

Industry Minister Arnaud Montebourg and union officials said that Ghosn’s pay as Renault CEO was excessive, especially since the French carmaker has implemented a wage freeze in France and is making jobs cuts at its sites in the country. Ghosn agreed to postpone 30-percent of his variable 2012 bonus from Renault until 2016 during discussions with CGT union officials in early 2013.

But CGT representative Ali Kayak told the France Info radio station that Ghosn’s gesture was an insult to French workers, who estimate that Ghosn received EUR27,500 a day in combined pay, which is considered a very high in France. In comparison, Toyota president Akio Toyoda only received JPY184 million and Honda chief executive Takanobu Ito got JPY145 million for the fiscal year ended March 31, 2013. [source: automotive news - sub. required]

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