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Nissan CEO ousted after Honda talks collapse
(Sharecast News) - Nissan chief executive Makoto Uchida will step down from his position on April 1 and replaced by chief planning officer Ivan Espinosa, the company said on Tuesday.
Espinosa will become Nissan's fourth CEO in eight years. The change comes in the fallout of the collapsed merger talks with rival Honda, a $60bn deal that would have created the world's third-largest auto company by sales volume.
The two auto giants officially abandoned merger talks a month ago after failing to agree on the future structure of the new company but said they would collaborate on electric vehicles under a strategic partnership.
Nissan, Japan's third-biggest automaker, backed out of the talks as tensions increased over a proposal that it become a subsidiary of its larger rival. Relations were also strained by Nissan's refusal to close factories and plans for deep job cuts at the troubled company.
"Given the industry-wide challenges and Nissan's performance, we believe that it is necessary as well as appropriate to change the top management team," Nissan Chairman Yasushi Kimura told a news conference.
"Nissan is in the midst of a transformation, and we believe [Espinosa] is the right person to lead the company in these times."
Along with Uchida, other senior management personnel to step down on April 1 include chief brand and customer officer Asako Hoshino and chief strategy and corporate affairs officer Hideaki Watanabe.
Espinosa told a news conference that he "grew up in Nissan and I've spent many years working in divisions across the globe".
"I sincerely believe Nissan has so much more potential than what we are seeing today."
Uchida meanwhile told reporters that was "unable to gain the confidence" of some Nissan employees since announcing a turnaround plan last year.
He added that "clarifying the direction of Nissan as soon as possible and passing on the baton to my successor quickly" was the best way to ensure the company's future.
Reporting by Frank Prenesti for Sharecast.com
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