Nissan announces its CEO will step down just one month after failed merger talks with Honda

Nissan CEO Makoto Uchida is stepping down on April 1, the company just announced . He will be replaced by acting Chief Planning Officer (CPO) Ivan Espinosa. Uchida has been CEO since 2019 and Espinosa’s promotion will make him the company’s fourth CEO in eight years. Other senior management personnel are also stepping down on April 1, including Chief Brand and Customer Officer Asako Hoshino and Chief Strategy and Corporate Affairs Officer Hideaki Watanabe. This leadership shakeup is happening less than one month after merger talks between Nissan and Honda failed . That deal would have been worth at least $50 billion and would have created the world’s third-largest automobile company by sales volume. Reporting has indicated that the talks fell apart after Honda demanded that Nissan become its subsidiary. Sources at Reuters also noted that Nissan refused to close factories and initiate deep staff cuts. ADVERTISEMENT Advertisement Nissan’s problems go far beyond failed merger talks. T ... Read full article.