Carlos Ghosn Not Going From Nissan
When you are the chief executive for two automakers as Carlos Ghosn is with Renault and Nissan, your plate is constantly full, your cup overflowing. That isn’t necessarily always a good thing especially when your company is performing below expectations as Nissan currently is.
Significant Losses In 2008
Earlier this week, Nissan announced that the automaker had lost the equivalent of US$2.4 billion in 2008, an amount worse than what most analysts had expected. Still, Nissan’s loss pales in comparison with the deep losses of Ford, General Motors and Chrysler, the latter two who have been extended a federal government lifeline. Moreover, Toyota lost US$7.8 billion for its fourth fiscal quarter alone, far worse numbers than Nissan.
According to Reuters, Ghosn plans to stay onboard until Nissan returns to profitability. Initially, when Ghosn took on the Nissan mantle in 1999, he said he would stay in that position for ten years at most. Now, with that anniversary here and with Nissan battling to make money, Ghosn plans to stay until the company begins making a profit again, something Nissan has forecast won’t occur before March 2011.
No Plans To Abandon Nissan
Ghosn has said that leaving now would mean that he was effectively deserting Nissan. Instead, by choosing to stay around to ensure that the Japanese automotive giant is clearly in the black financially, he can realize that goal and then leave. Nissan’s plan to return to profitability is hinged upon global car sales fully recovering which also means that the current recession would have long since gone away. Likely, Carlos Ghosn will be at the helm of Nissan for quite a few more years.
Nissan’s partner Renault has been eying purchasing Saturn from General Motors, but in the same speech where he announced Nissan’s operating loss Ghosn indicated that a Saturn acquisition isn’t likely. Instead, Ghosn stated that the objective is to get Nissan and Renault back on their feet, to provide solid footing for the coming years.
U.S. sales for Nissan were down 37.8% for April compared to the same period in 2008.
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