tyb
Nissan top executive Seki to resign in blow to turnaround plan
The executive tasked with leading a recovery at Nissan Motor Co Ltd said he had decided to resign just weeks into his new job, a move that could disrupt the automaker’s push to turn the corner on scandal and slumping sales. Jun Seki, Nissan’s vice chief operating officer and a former contender for chief executive, told Reuters he was leaving to become the president of Nidec Corp, a Kyoto-based manufacturer of automotive components and precision motors.
He will likely depart in January after three decades at Nissan, including a stint heading its China business. “I love Nissan and I feel bad about leaving the turnaround work unfinished, but I am 58 years old, and this is an offer I could not refuse. It’s probably my last chance to lead a company too,” he said in a brief interview. “It’s not about money. In fact, I will take a financial hit since Nissan pays us well,” Seki said. He declined to elaborate further.
Nissan and Nidec declined to comment.
Seeking to roll back some of the costly expansion under ousted chairman Carlos Ghosn, Nissan has embarked on wide-ranging turnaround plan. That plan, which began in April, is now on track to generate a cumulative few hundred billion yen in cost cuts and operational efficiency gains by the year to March 2022, according to two Nissan sources who spoke on condition of anonymity. One hundred billion yen is roughly equal to $915 million.
Adding to concerns about disruption among Nissan’s top management, the sources said that Seki, Chief Operating Officer Ashwani Gupta and Chief Executive Makoto Uchida have so far failed to gel as a team after being named to their posts in October. They officially took over on Dec. 1. “There was no instant, cohesive chemistry achieved by those appointments,” one of the sources said.
Gupta and Uchida were not immediately available for comment.
Seki’s resignation could further complicate Nissan’s relationship with top shareholder Renault SA. Seki recently worked in Paris for a year and was seen as relatively close to the French automaker.
Asked if he was leaving Nissan because he was passed over for the role of chief executive, Seki said that was not the case but did not elaborate. He and Uchida, most recently the head of the China business, had been seen as top contenders for the CEO job. Reuters reported in September that Uchida was seen as more favored by Renault. Before being named vice-COO, Seki was a senior vice-president charged with leading the turnaround.
Nissan has been profoundly shaken over the last year, first with the downfall of long-term leader Ghosn, who is now awaiting trial on allegations of financial misconduct that he has denied. Former Chief Executive Hiroto Saikawa then left in September.
One of the sources said Seki was contacted by a headhunter about a job at Nidec in April, after he returned from a year working in Paris. Nidec’s 75-year-old chairman, the brash and confident Shigenobu Nagamori, has been searching for an eventual successor to lead and expand its business.
Nidec, which sees electric vehicles as a key driver of growth, has a 40% global market share in automotive electric steering motors and has said it wants to boost its share in electric vehicle propulsion motors. After April, Seki had no additional contact with Nidec until the recruiter called him again on Oct. 8 when Nissan announced the new management team, including Uchida as CEO.
After that second call, Seki agreed to meet Nagamori - to turn down the offer, the source said. “Nagamori talked Seki into accepting his offer in the end,” the source said.
https://www.reuters.com/article/us-nissan-executives/nissan-top-executive-seki-to-resign-in-blow-to-turnaround-plan-idUSKBN1YS0R8
yes, all of the major currency "failures" he has participated in. The cable devalue he had such a large position that no one could (reasonably) stand in his/it's way. Thai Bhat too.
that is a good site and is devoid of most bullshit.
That incident known as Black Weds.
The Thai Bhat was attributed to Long Term Capital Mgmt (an ironic name considering they blew themselves up rather shortly).
>brokers can allocate wins and losses in house accounts to whom it most expedient to do so.
a game as old as time itself
you don't think they faked that too?
They also fine a rule breakers yet no one ever seems to know where that money went.
fren…. I started out at the Pac exchange in SF as a runner. The shit I handled almost never squared with the official book. But you learned to stay quiet.
we've both got experience. different outcomes. The fuckery cut both ways. faking what habbened or "fixing" what was reported.
On the same team now.
Uber founder Kalanick leaves board of directors
Uber Technologies Inc (UBER.N) on Tuesday said its founder and former CEO Travis Kalanick will resign from the company’s board of directors by the end of the year.
“Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber. I’m enormously grateful for Travis’ vision and tenacity while building Uber, and for his expertise as a board member. Everyone at Uber wishes him all the best,” Uber’s current CEO, Dara Khosrowshahi, said in a statement.
https://www.reuters.com/article/us-uber-kalanick/uber-founder-kalanick-leaves-board-of-directors-idUSKBN1YS126
I suppose this was inevitable after unloading almost all of his shares.
both based and learned much from reading over the years. The mind-fuck is people having to accept it as a fact in the face of the system chanting "free-markets" all the time.
kek and nik'd
that wins the internet today!
Merry Christmas Eve to you anon.
Treasury Yields Plunge After Stellar 5Y Auction
has it titled as a two year auction but hey….
After yesterday's dismal 2Y auction, which printed at the lowest bid to cover since 2008, few were looking forward to today's 5Y auction which would come in an environment of even worse liquidity coupled with a continued selloff across the Treasury complex this morning.
Yet to everyone's surprise, the sale of $41 billion in 5Y notes was nothing short of stellar, with the high yield coming in at 1.756%, which while above last month's tailing stop of 1.587%, stopped through the When Issued 1.772% by a whopping 1.6bps, the biggest stop through since February 2016!
Also unlike yesterday's disappointing 2Y auction, the internals today were quite impressive, with the bid to cover virtually unchanged from November's 2.50, at 2.49, the second best since July 2018, and well above the 2.38 six auction average.
Finally the takedown was also on the strong side, with Indirects taking down 62.4%, above the recent average of 59.9%, and with Directs taking down 16.1%, the most since August 2019, Dealers were left holdings 21.5%.
In kneejerk response to the stellar 5Y auction, yields have tumbled across the curve which was to be expected for an illiquid session, yet the 10Y rate plunging from 1.94% just before the auction to a sub 1.90% print shows just how little liquidity there is in the bond market at this moment.
https://www.zerohedge.com/markets/treasury-yields-plunge-after-stellar-2y-auction
https://www.marketwatch.com/investing/bond/tmubmusd10y
Dealers=primary dealers-the receivers of the Repo cash.
Gold is up pushing $1500 and silver up nicely as well.
nice to see you.
I'll have to pull those from another drive. I still remember the day ktwat came in and made his one and only call-total insider info. Was in december last year. DJI went up 1k or little less in 3 hours.