The boss of the Japanese carmaker Nissan is stepping down after admitting to receiving half a million dollars more pay than he was entitled to.

Hiroto Saikawa‘s resignation further intensifies the difficulties at the firm who’s former head, Carlos Ghosn was arrested in 2018 for under reporting his salary.

Nissan recently announced thousands of job cuts and a profit fall of nearly 95%.

Saikawa says he is willing to give back the excess funds:

“The issue that I caused you concern over, that of the stock appreciation rights scheme. We’ve investigated this and the result is that I propose to return the amount that I wasn’t meant to receive. I think this has brought the matter to an end. ”