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TOKYO, Japan - Nissan boss Carlos Ghosn has acheived a singularly rare status in the Japanese auto industry - his singularly large pay cheque.
He's the highest-paid foreign executive in Japan, if his salary and stock options are combined, Nissan's annual shareholders' meeting has been told.
How much? About $12-million at June, 2011 exchange rates. That's roughly R82-million a year - or R316 000 A WORKING DAY.
SECOND PAY CHEQUE
The Japanese government in 2010 made it a requirement for listed companies to report the names and salaries of top executives. Ghosn's package, an increase of 10 percent year-on-year, tops that of Sony CEO Howard Stringer. Their pay, in a country where executive compensation has traditionally been much lower than the US and Europe, has attracted keen interest.
Ghosn is, however, CEO of both Nissan and its largest shareholder, Renault but (wait for it) Wednesday's figure doesn't include his Renault salary - and this despite the man's industry nickname of 'Le Cost Killer', earned as he slashed corporate expenses to take Nissan back from the brink of bankruptcy in 1999..
But then worth is measured differently at stratospheric corporate levels, so maybe he's worth it: Nissan, Japan's second-biggest automaker by volume after Toyota, boosted net profit more than seven-fold to 319-billion yen in the last fiscal year from 42-billion in the previous year on record global sales.
He's the highest-paid foreign executive in Japan, if his salary and stock options are combined, Nissan's annual shareholders' meeting has been told.
How much? About $12-million at June, 2011 exchange rates. That's roughly R82-million a year - or R316 000 A WORKING DAY.
SECOND PAY CHEQUE
The Japanese government in 2010 made it a requirement for listed companies to report the names and salaries of top executives. Ghosn's package, an increase of 10 percent year-on-year, tops that of Sony CEO Howard Stringer. Their pay, in a country where executive compensation has traditionally been much lower than the US and Europe, has attracted keen interest.
Ghosn is, however, CEO of both Nissan and its largest shareholder, Renault but (wait for it) Wednesday's figure doesn't include his Renault salary - and this despite the man's industry nickname of 'Le Cost Killer', earned as he slashed corporate expenses to take Nissan back from the brink of bankruptcy in 1999..
But then worth is measured differently at stratospheric corporate levels, so maybe he's worth it: Nissan, Japan's second-biggest automaker by volume after Toyota, boosted net profit more than seven-fold to 319-billion yen in the last fiscal year from 42-billion in the previous year on record global sales.