Ivan Espinosa succeeds Makoto Uchida after the failed merger with Honda, marking a strategic turning point for the Japanese carmaker.

The rumors flying last week that Nissan CEO Makoto Uchida had one foot out the door have come true. On Tuesday, the Yokohama, Japan-based automaker announced the resignation of Uchida in the same breath as it appointed a new leader, Ivan Espinosa.

Nissan Motor Co. named company insider Ivan Espinosa to replace Chief Executive Officer Makoto Uchida and helm the battered Japanese carmaker as it looks to secure a financial backer and stabilize its floundering business.

Makoto Uchida steps down as CEO, replaced by Ivan Espinosa. The decision comes after a period of financial difficulty and the failure of merger talks with Honda. For Espinosa, a daunting task

Uchida had been under pressure to step down following worsening earnings performance at Japan's third-largest automaker and the collapse of merger talks with Honda

The S&P 500 dipped into correction territory on Tuesday and Nissan has pushed out chief executive Makoto Uchida in the wake of the collapse of merger talks with Honda. Plus, banks are trying to catch up to one of the hottest trends in consumer finance: interest-free buy now,

Espinosa has overseen global product planning and motorsports, among other areas, since April 2024. He has been involved in global product planning since 2010 and has earlier experience in Southeast Asia and Mexico.

Nissan's recent struggles are no secret. The company teeters on the verge of bankruptcy after a failed merger attempt with fellow Japanese conglomerate Honda. Now, the company has appointed a new CEO in hopes of turning things around.

Nissan president and CEO Makoto Uchida will be replaced by Ivan Espinosa from April 1 as part of a wide-reaching overhaul of the company’s leadership team that sees a number of other top-level management changes.