Japanese automaker Nissan's chief executive steps down after dismal results

Japanese automaker Nissan's chief executive steps down after dismal results

Japanese automaker Nissan Motor Co.'s chief executive, Makoto Uchida, is stepping down after the company reported dismal financial results.

Nissan said in a statement Tuesday that Ivan Espinosa, who is now the company’s chief planning officer, will take Uchida’s place.

Uchida will remain as a director until Nissan’s general shareholders’ meeting. Uchida had recently promised to make way for new leadership.

Speculation about his future was rife after he called off talks last month with Japanese rival Honda Motor Co., announced late last year, to set up a joint holding company to integrate its businesses.

At that time, Uchida told reporters the focus of the talks had changed to making Nissan into a Honda subsidiary, which he denounced as unacceptable.

He also said their strategic partnership to realize synergies on specific projects like electric vehicles and other research will continue.

Nissan is projecting a loss of 80 billion yen ($540 million) for the full fiscal year through the end of this month.