 "Japan's Nissan to chuck out CEO Uchida as cimpany struggles to keep up with competition")
Nissan Motor Co. is making leadership changes as the Japanese automaker faces mounting challenges, including sluggish sales, failed merger talks, and potential tariff increases in the United States.
The company announced Tuesday that Makoto Uchida, who has served as chief executive since 2019, will step down. Ivan Espinosa, Nissan’s chief planning officer and a longtime company executive, will take over as CEO on April 1.
Espinosa, 46, has been with Nissan since 2003, holding various roles in product planning. He steps in as the automaker struggles to keep pace with evolving consumer demand for hybrid and electric vehicles, particularly in key markets such as China.
Uchida, 58, took over Nissan following the 2018 ouster of former Chairman Carlos Ghosn on allegations of financial misconduct. He inherited a company grappling with declining profits and leadership turmoil. Under his tenure, Nissan restructured its long-standing alliance with French automaker Renault and sought to improve profitability by reducing sales incentives that had been heavily used under Ghosn.
Nissan’s struggles
The leadership shift comes during a critical period for Nissan, which is undergoing restructuring amid uncertain market conditions. The company said in a statement that “a new generation of leaders” will guide it toward long-term growth, New York Times reported.
Nissan reported strong earnings in 2022 and 2023, aided by post-pandemic demand and favorable exchange rates. However, the company has struggled to compete in China, where domestic electric vehicle manufacturers have gained market share. Nissan’s unit sales in China dropped more than 9% in the nine months through December.
Facing broader struggles, the automaker has lowered its profit forecast three times this fiscal year. In November, Uchida announced a restructuring plan that included reducing global production capacity and cutting thousands of jobs. At the time, he acknowledged the company’s failure to adapt quickly to industry changes and took a 50 per cent pay cut.
Espinosa’s appointment marks a new phase for Nissan as it looks to regain momentum in a shifting automotive landscape.
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