After admitting to receiving dubious income, Nissan CEO Hiroto Saikawa is out. The carmaker’s top man and a key figure in the ouster of Carlos Ghosn tendered his resignation effective September 16.

Nissan’s representative executive officer and COO, Yasuhiro Yamauchi, will take over as acting CEO until a replacement can be named next month.

A report by the Associated Press said that Nissan’s board met to look into the allegations against Saikawa, as well as other issues related to Ghosn’s allegations and corporate ethics at the company. While Nissan board member Yasushi Kimura confirmed that Saikawa’s income was “not illegal,” Saikawa has nonetheless resigned to “pass the baton over as soon as possible.”

Saikawa’s income was linked to the stock price of Nissan, and he has said his pay got inflated after the date for cashing in was illicitly adjusted. He has said he was unaware of the adjustment.

“It would have been better if I had been able to resolve everything first,” Saikawa told reporters, appearing at the end of an evening news conference at company headquarters in Yokohama.

Saikawa was referring to deteriorating profits at the automaker and questions about Nissan’s relationship with alliance partner Renault, as well as the unfolding financial scandals that have tarnished the brand.

Nissan is accelerating the search for a new CEO and said that there are 10 candidates being considered for the top post. Though they haven’t been identified, “outsiders and non-Japanese” are said to be on the list.

Source: The Associated Press