Nissan Shareholders Criticize Management Amidst Deepening Financial Crisis

Shareholder Frustration at Annual Meeting

• 😠 Nissan shareholders expressed significant frustration at the automaker's annual general meeting over its poor performance.
• 🎯 Demands were made for greater management accountability regarding the ongoing crisis at the Japanese auto giant.

Financial Performance and Outlook

• 📉 Nissan's shares have fallen approximately 36% over the last year, and dividend payments have been suspended.
• ⚠️ The company reported a $4.5 billion net loss in the last financial year, with no guarantee of returning to profit this year.
• 📊 Nissan has declined to provide a full-year earnings forecast and projected a first-quarter loss of $1.38 billion.

Management's Restructuring Plans

• ✂️ New CEO Ivan Espinosa, who took over in April, has outlined plans for significant cost-cutting measures.
• 🏭 These plans include closing seven plants and eliminating 20,000 jobs, representing about 15% of Nissan's workforce.

Shareholder Concerns Over Accountability

• ⚖️ One shareholder accused the board of shifting responsibility to frontline workers through job cuts while retaining their own positions.
• 🤝 Concerns were raised that the board must change its approach to avoid losing the trust of both shareholders and employees.
• 💸 Another shareholder specifically complained about the reduction in dividend payments.