Carlos Ghosn believes the calls for his return to Nissan are not just nostalgia for an old leader, but a clear sign of investor frustration after years of disappointing results and failed recovery plans.
Speaking from Lebanon, the former Nissan chairman said shareholders have reached their limit after three different CEOs failed to bring the company back to strength following his removal in 2018. His comments came after Nissan’s latest annual meeting, where CEO Ivan Espinosa faced criticism from investors, including a proposal from one shareholder to bring Ghosn back. That proposal failed, with shareholders ultimately supporting the current board.
Ghosn, who led Nissan for nearly two decades and was once credited with saving the company after Renault’s 1999 bailout, pointed to the automaker’s falling share price, weaker sales, factory closures, and job cuts as evidence that Nissan has lost its way. He said the company that once sold more than 5 million vehicles a year is now closer to 3 million, while its market value has fallen sharply since his exit.
Nissan pushed back by saying it does not comment on speculative remarks. The company said its turnaround plan is moving forward, noting that it posted an operating profit in the last financial year and still has strong liquidity.
But Ghosn sees the situation differently. In his view, Nissan has become too cautious, too slow, and too defensive at a time when the global car industry is moving fast, especially with growing pressure from Chinese automakers and the shift toward electrification. He warned that if Nissan does not act decisively, it could end up as a small affiliate under the control of a much larger company.
Asked whether he would return as an adviser, Ghosn said advice would not be enough. He believes Nissan needs someone with full authority to make urgent and difficult decisions, suggesting that only a CEO role could truly change the company’s direction.
Ghosn has lived in Lebanon since fleeing Japan in late 2019 while awaiting trial on financial misconduct charges, which he denies. He continues to argue that he was targeted by Nissan executives and Japanese officials.
Looking back, Ghosn admitted that accepting another term at Renault in 2018 was a mistake. He said he should have stepped away after achieving his goals with the Renault Nissan alliance, before the crisis that changed both his life and Nissan’s future.
