Struggling Japanese Automaker Nissan Replaces Ceo

Struggling Japanese automaker Nissan announced on Tuesday that chief executive Makoto Uchida would step down, a move that follows the failure of merger talks with rival Honda.

The company said the leadership change was meant to 'achieve the company's short- and mid-term objectives while positioning it for long-term growth' but did not elaborate.

Ivan Espinosa has been chosen as representative executive officer in Uchida's place, Nissan said in a statement. The company will hold an online briefing later on Tuesday.

Espinosa joined Nissan in Mexico in 2003 and held posts in Southeast Asia before becoming a director for Mexico and Latin America in 2010. The change is effective April 1, Nissan said.

Nissan announced thousands of job cuts last year after reporting a 93 percent plunge in first-half net profit. It now expects an annual loss of more than 500 million.