Nissan Begins Search for CEO Replacement After Honda Merger Fails

Nissan is planning to replace its current CEO, Makoto Uchida, according to CBT News.

No final decision has yet been made, but the company is currently looking at potential successors, following a potential merger with Honda falling through and poor financial earnings.

Uchida has served as CEO since 2019, and has said he is willing to step down but wanted to stabilize Nissan first.

Though nine months ago a ¥380 billion profit was expected for Nissan, the company is now facing an ¥80 billion—$536 million—net loss for the fiscal year ending in March. 

Additionally, the automaker faces a record debt bill due next year, and has had its credit rating downgraded to junk status by all three major agencies.