Nissan Motor Co (OTC:NSANY) reportedly paid its former Chief Operating Officer (COO) Ashwani Gupta a sum of 582 million yen ($3.7 million) to leave the company following allegations of misconduct.
What Happened: Gupta left Nissan in June last year amid allegations of misconduct the company considered sexual harassment, Bloomberg reported, citing people familiar with the matter. The company paid Gupta a significant sum to leave.
The amount was made public in a notice of the company’s upcoming shareholder meeting. The notice does not mention Gupta by name or the allegations against him but says that the amount was paid as “compensation” to an executive who left the company in the business year 2023.
Why It Matters: Gupta’s departure in June 2023 came as a surprise to investors who had seen him as a potential candidate for the next CEO at Nissan, Bloomberg said. He is currently chief executive officer at India’s Adani Ports and Special Economic Zone.
Gupta reportedly played a key role in bringing Nissan back to profitability following the arrest of former Chairman Carlos Ghosn in 2018. The executive’s annual remuneration through March 2023 was 726 million yen, surpassing company CEO Makoto Uchida who was paid 673 million yen, the report added.
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