Nissan Motor Co. Chief Executive Officer Carlos Ghosn’s pay rose to 987 million yen ($12 million) for the past fiscal year, a package that makes him Japan’s highest-paid executive.
The 58-year-old CEO’s pay increased from the 982 million yen he earned a year earlier, Ghosn said at the company’s annual general meeting today in Yokohama, Japan.
That tops pay earned by Toyota Motor Corp. (7203.TO) President Akio Toyoda, who made Y136 million in the fiscal year ended March, and by Honda Motor Co. (7267.TO) President Takanobu Ito, who made Y123 million.
Nissan cited data provided by New York-based human resources firm Towers Watson to show that Mr. Ghosn’s remuneration was in line with his peers globally.
On the back of strong global sales, the automaker’s consolidated net profit rose to 341.43 billion yen in fiscal 2011, topping Toyota’s 283.56 billion yen.
Nissan’s January-March profit more than doubled to 75.3 billion yen ($941 million). Its global sales reached a record 4.85 million vehicles for the business year ended March in a remarkable recovery from production disruptions stemming from the disasters.
However, Ghosn said Nissan has less cash than Japanese rivals Toyota Motor Corp and Honda Motor Co and must be more prudent in the current economic situation. The U.S. economic recovery has stalled and Europe’s economy is stymied by high debt and austerity measures.