Nissan collapse: Car giant makes changes to avoid disaster

Nissan has announced a major reshuffle of its leadership team as the company battles to secure its future.

Nissan has faced a wave of challenges in recent weeks, having announced mass lay-offs and a huge reduction in vehicle production.

(Nissan Motor President and CEO Makoto Uchida delivers a speech next to EV concept, the Nissan Hyper Force at the Japan Mobility Show 2023 in Tokyo on October 25, 2023. (Photo by Kazuhiro NOGI / AFP)

Company insiders even told media the automaker may face closure within the next 12 to 14 months, prompting the chief financial officer to step down.

To address its current position, Nissan has planned an aggressive restructuring plan.

Central to the plan is the appointment of key executives to critical roles, effective January 1 2025.

Nissan Motor Corporation chief executive officer Makoto Uchida acknowledged the need for an urgent restructure.

(Nissan Motors President and chief Makoto Uchida is leading changes at the besieged company. Photo: STR / JIJI PRESS / AFP / Japan OUT)

“These leadership appointments will bring the necessary experience and urgency to the countermeasures we are taking to get the company back on track,” he said.

“With the support of our leadership team, we will carefully execute our turnaround actions to secure sustainable profits while focusing on future growth.”

Jeremie Papin, a seasoned financial strategist will step in as chief financial officer to tackle Nissan’s financial vulnerabilities.

Stephen Ma, the outgoing chief financial officer will shift his focus to lead the China region, a crucial market for Nissan.

Ref: Nissan collapse: Car giant makes changes to avoid disaster (news)

Photo Credit- STR/ JIJI PRESS/ AFP/ Japan OUT, Kazuhiro NOGI/ AFP