Who is the highest-paid executive in Japan?
YOKOHAMA (UPDATE) -- Nissan Motor Co. said Tuesday that Chief Executive Officer Carlos Ghosn earned 995 million yen (about $9.8 million) in the 2013 business year ended in March, up from 988 million yen the previous year, making it almost certain he will remain the highest-paid executive among listed companies in Japan.
At Nissan's annual shareholders meeting in Yokohama, Ghosn said the amount was appropriate by "international standards."
According to Nissan, the pay is less than at overseas carmakers such as Fiat SpA, Ford Motor Co. and Volkswagen AG.
"Being in Japan should not be a handicap," Ghosn said, adding that higher compensation should help Nissan attract talent from within Japan and abroad.
Ghosn, who was also the highest paid executive in Japan in both fiscal 2009 and 2010 and the second-highest paid in fiscal 2011, normally leaves his counterparts at rival Japanese carmakers far behind.
Toyota Motor Corp. said Tuesday that President Akio Toyoda received 230 million yen in compensation for fiscal 2013, up from 184 million yen the previous year and the highest amount paid to him since he assume the top post in 2009.
Honda Motor Co. said last week that President Takanobu Ito was paid 150 million yen for the past year.
Listed companies in Japan have been obligated since fiscal 2009 to disclose all executive compensation over 100 million yen.
Nissan posted a group net profit of 389.03 billion yen for fiscal 2013, up 14 percent from the previous year, on rising sales in North America and China, according to its earnings report released last month.
It sold 5.19 million vehicles globally, up 5.6 percent.