Photo/IllutrationHiroto Saikawa announces he will resign at a news conference in Yokohama on Sept. 9. (Hiroyuki Yamamoto)

Hiroto Saikawa formally resigned as president and CEO of embattled Nissan Motor Co. on Sept. 16 following questions about his remuneration in light of the scandal surrounding former chairman Carlos Ghosn.

Nissan plans to choose a new president by the end of October.

Saikawa, 65, had accused Ghosn of misappropriating company funds. Then Saikawa found himself embroiled in a scandal over his own finances on Sept. 4.

He was forced to step down as the tide within the company turned against him over his improperly inflated remuneration at a time when Nissan was trying to reform its management operations.

His resignation also came as Nissan faces a slew of challenges, such as how to return to profitability after a sharp decline in earnings and the future prospects of its alliance with French automaker Renault SA.

His resignation came about 10 months after Ghosn was first arrested on suspicion of financial misconduct last November.

Yasuhiro Yamauchi, a representative executive officer and chief operating officer, 63, will serve as acting president and CEO until the new president is named.

Saikawa will remain as a board member for the time being.