Japanese carmaker Nissan CEO Makoto Uchida is stepping down after the company posted disappointing financial results.
In a statement on Tuesday, Nissan Motor Corp said Ivan Espinosa, currently chief planning officer, will take over from Mr Uchida effective April 1.
Mr. Espinosa, who began his career at Nissan in 2003, spent most of his time in Mexico and Southeast Asia, where he was responsible for product planning, including the shift to electric vehicles.
“I truly believe that Nissan has much greater potential than what we see today,” he said at a news conference, adding that he needed time to think through the details of the radical changes.
He emphasized his commitment to Nissan, noting that he has a deep understanding of what makes the company unique and valuable.
Nissan said that to achieve long-term growth, the company needs a “renewal” of management.
Mr. Uchida, who will remain with the company as a director, expressed confidence in Mr. Espinosa as a “true car enthusiast” and stressed that he was handing over leadership to better unify the company's workforce.
“I am confident that Nissan will definitely return to success,” he said at an extraordinary press conference with Mr. Espinosa.
Speculation about Mr Uchida's future has arisen after he last month stopped talks with Japanese rival Honda Motor Co to form a joint holding company to integrate their businesses.
At the time, he told reporters that the focus of discussions had shifted to turning Nissan into a subsidiary of Honda, which he found unacceptable.
He also added that their strategic partnership to realize synergies in certain projects such as electric vehicles and other research will continue.
Nissan expects losses of 80 billion yen (£421 million) for the full year to the end of this month.
Asked about the talks with Honda and other possible partnerships, Mr. Espinosa declined to comment, saying he needed more time.
Mr Uchida has seen sales fall during his more than five years at the helm of Nissan, including in key markets such as the United States and China. He also previously announced 9,000 job cuts.
It's a sad development for the maker of the Z sports car, popular all over the world, and the Leaf electric car, a pioneer in this segment that appeared on the market in
Sourse: breakingnews.ie
