Nissan is replacing its chief executive, reports The Wall Street Journal.
The decision to replace Chief Executive Makoto Uchida comes just weeks after a planned merger with Honda fell through. Upon Honda voicing plans to make Nissan a subsidiary, Uchida couldn’t accept the deal, citing concerns of Nissan losing its autonomy again after regaining some independence in 2023, when Renault reduced its stake in Nissan.
Nissan’s two biggest markets, the U.S. and China, have been rough for the company, with it currently projecting a loss for the fiscal year ending in March.
Succeeding Uchida will be Ivan Espinosa, who has worked with Nissan since joining its Mexico unit in 2003. Espinosa will officially take the role of chief executive beginning April 1.
Espinosa shared plans for Nissan to reinforce its U.S. lineup, as well as a potential new electric sedan in China, developed alongside Dongfeng Motor.
“I sincerely believe that Nissan has so much more potential than what we are seeing today,” said Espinosa.
