Nissan CEO Saikawa steps down

Nissan CEO Hiroto Saikawa is stepping down, ending the era of controversy surrounding former chairman Carlos Ghosn.

“Today, the Board of Nissan Motor Co., Ltd. held their regular Board of Directors meeting. Hiroto Saikawa had indicated recently his willingness to resign,” the company said in a statement.

“After discussion, the Board asked him to resign as representative executive officer and CEO of the company, effective September 16, and he accepted. Effective the same day, Nissan’s representative executive officer and COO, Yasuhiro Yamauchi, will become acting CEO."

Nissan hopes to conclude its search for a new CEO by the end of October.

Saikawa's resignation comes less than a week after admitting he was overpaid, but said he didn't know about the payments and didn't order them. Nissan on Saturday finished an internal investigation into the misconduct by Ghosn, who led Nissan for more than two decades.

He has been charged with underreporting his compensation by about $84 million over eight years and of breach of trust in allegedly diverting Nissan money for personal gain. He denies wrongdoing.