AsianFin -- Japanese automaker Nissan Motor Co. announced on Tuesday that its CEO Makoto Uchida will step down at the end of March, and Ivan Espinosa, the company's head of product planning, will take over.
Espinosa joined Nissan Mexico in 2003 and has been overseeing global product strategy since 2018. He became head of product planning in April 2024.
The change comes amid worsening financial performance of the carmaker. It reported an 80 billion yen (about 542 million U.S. dollars) net loss for the fiscal year 2024.
Criticism has been mounting of Uchida. In November 2024, Nissan announced plans to lay off 9,000 jobs worldwide and reduce its global production capacity by 20%.
The company has previously sought to merge with Honda Motor Co., but the restructuring attempt that could have created one of the world's largest automotive group failed last month due to disagreements in many issues.
The new leadership will face an uphill battle, including reversing Nissan's poor performance and redefining strategic partnerships after the abrupt end of merger talks with Honda
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