Nissan Renews Its Stock Incentive Program
Tokyo -- Nissan Motor Co., Ltd. announced that it will renew its performance based incentive program for its management worldwide through issuing warrants bonds. The plan and associated value of up-to 35 million shares of the bond issue were approved today at the company's Board of Directors meeting, and this is the second consecutive year Nissan has set such incentive program.
The plan is designed to develop a more performance and result-oriented corporate culture in the company. "We have just posted the best first-half financial result in a decade due to the strong and fast start of the Nissan Revival Plan (NRP.) This performance based compensation system will enhance their consciousness of our people on our objective of lasting profitable growth. In the first year of the program, we have had excellent result." said Tierry Moulonguet, Executive Vice President and CFO, Nissan Motor Co., Ltd.
The option grant will be determined by the expected individual contributions in Fiscal Year 2001 to the implementation of the NRP. During Fiscal Year 2000 more than 500 people worldwide and at various levels participated in the program. Exercise of the options will be based on performance goals achievements both at the company and individual levels.
The detailed terms and conditions of the issuance of the bonds with warrants will be decided separately.
