Nissan CEO Hiroto Saikawa will step down on September 16th, the Japanese carmaker confirmed Monday (September 9).

The change comes after Saikawa admitted to being improperly overpaid and violating internal procedures.

It brings an end to his two and half years as company President and CEO.

(SOUNDBITE) (Japanese) NISSAN MOTOR CEO HIROTO SAIKAWA SAYING:

''Thinking of when to take responsibility and when to prepare for the next step, I chose the earliest possible time to resign."

Saikawa's resignation means fresh crisis for the automaker, following the arrest in Tokyo last year of former chairman Carlos Ghosn over alleged financial misconduct.

He was later forced to resign from the car company.

Chief Operating Officer Yasuhiro Yamauchi will step-in to temporarily replace Saikawa.

Nissan said it would select a new permanent CEO before the end of October.