Nissan Motor named Senior Vice President Makoto Uchida as chief executive officer. The automaker also appointed Mitsubishi Motors Chief Operating Officer Ashwani Gupta as its COO.
“The board concluded that Uchida is the right leader to drive the business forward,” Nissan chairman, and acting CEO, Yasushi Kimura said in a statement. “We expect Uchida to lead the company as one team, immediately focus on the recovery of the business and revitalize the company.”
Uchida, 53, will head the company beginning no later than Jan. 1, Nissan officials announced at a news conference at its headquarters in Yokohama. Mr. Uchida has worked at the company since 2003 and led its China operations since 2018. China is considered a key market for the struggling company.
The appointments of Uchida and Gupta come after months of turmoil for the automaker in the wake of the arrest of former chief Carlos Ghosn on allegations of financial misconduct.
Former CEO Hiroto Saikawa resigned last month after an investigation prompted by the Ghosn scandal revealed he was among Nissan executives who received excess pay by altering the terms of a share price bonus.
It was the latest in a series of blows for the firm, which has seen sales plunge and been forced to slash jobs since Ghosn’s shock arrest.
In a video released in April, Ghosn claimed his innocence and described the whole ordeal as a “conspiracy” against him.
Nissan’s stock value has plummeted since the ordeal first emerged. The company is also struggling to recover from falling sales and profits.