Nissan shareholders rejected the reappointment of Motoo Nagai, a key outside director and chair of the audit committee, at the company’s annual general meeting on June 23, 2026 [1, 2, 3]. Nagai, who previously worked at Mizuho Financial Group—Nissan’s top creditor—and served on the nomination, compensation, and audit committees, was voted out as part of a broader slate of board appointments. Shareholders voted in Junichi Shinbo, another former Mizuho banker, as Nagai’s replacement [2, 3].
Nagai had played a pivotal role in Nissan’s recent history. He was instrumental in the 2018 ouster of former chairman Carlos Ghosn and supported the unsuccessful merger talks between Nissan and Honda Motor Co. in early 2025 [2, 3]. Despite his influence, Renault, which holds roughly 36% of Nissan’s stock but only about 15% voting rights after a 2023 alliance agreement renegotiation, announced it planned to abstain from voting for Nagai [1, 2, 3].
Shareholders voiced frustration with Nissan’s overall performance. Several criticized executives for the company’s 44% stock price decline since the end of 2023 and a weak product lineup. One unnamed shareholder said, "The biggest issue for shareholders attending this meeting is the stock price. Most shareholders here are extremely unhappy," reflecting widespread dissatisfaction [2, 3]. Nissan CEO Ivan Espinosa announced the results of the annual meeting and oversaw the voting process [2, 3].
Alongside Nagai’s rejection, shareholders either appointed or reappointed 11 other directors during the meeting [2, 3]. The vote marks a significant shift as Nissan attempts to reset its board amid operational challenges and shareholder pressure.
The company now faces the challenge of implementing changes under its newly reconfigured board as it seeks to address shareholder concerns and stabilize performance.
