Nissan CEO Makoto Uchida will leave his position on 1 April, following the collapse of a potential merger with Honda.
Uchida will be replaced by chief planning officer Ivan Espinosa, who has been with Nissan since 2003.
“Nissan Motor Co., Ltd. today announced changes to its senior management, introducing a significantly renewed leadership line-up to achieve the company's short- and mid-term objectives while positioning it for long-term growth,” the company said.
Chief brand & customer officer Asako Hoshino and chief strategy & corporate affairs officer Hideaki Watanabe will also leave their roles on 1 April. Nissan’s executive committee will replace its chief technology officer and chief monozukuri (manufacturing) officer.
Nissan and Honda ended negotiations for a potential US$60 billion merger last month.
This would have seen Japan’s second and third-largest car companies brought under a single holding company. It was also slated to include Mitsubishi, of which Nissan owns a majority stake.
However, Nissan reportedly refused to consider Honda’s recommendation of greater cuts to its workforce and factories. It also declined a later proposal to become a Honda subsidiary.
The company has seen net revenue and profits fall in its fiscal year 2024, due to a decrease in its vehicle sales. Last month, it revised its full FY2024 forecast down by JP¥200 billion to ¥12.5 trillion.
Nissan’s (TYO: 7201) share price closed at ¥439.10, up from its previous close at ¥433.10. Its market capitalisation is ¥1.63 trillion.
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