It currently remains to be seen if Mr. Espinosa will be reviving the once-cancelled Nissan-Honda merger.
In what is just the latest twist in the ongoing drama at Nissan, the Japanese automaker has recently announced that Makoto Uchida will step down as CEO effective April 1, 2025.
According to Nissan’s official statement, current Chief Planning Officer Ivan Espinosa will take the helm as the new CEO. Uchida will maintain his director position until the annual general meeting of shareholders scheduled for June 2025, ensuring a structured transition of leadership responsibilities.
This latest executive transition marks the company’s fourth new CEO in less than six years, with Uchida having only been in his current position since 2019. The appointment of Ivan Espinosa as CEO will incidentally only be the second time a non-Japanese person has held this role, with the only prior foreigner heading the company being Carlos Ghosn.
Uchida had been under pressure to step down following a worsening earnings performance at Japan’s third-largest automaker and the collapse of merger talks with Honda. Both companies had previously signed a memorandum of understanding (MoU) last December to explore the possibility of a merger, but this was ended in February this year after talks broke down.
The failed merger discussions stemmed from fundamental disagreements about organisational structure. Honda suggested becoming the parent company with Nissan as a subsidiary through a share exchange arrangement. Nissan rejected this proposal, leading to the termination of the memorandum.
Espinosa brings extensive international experience to the role, having joined Nissan in 2003. His career trajectory includes significant time in Mexico and leadership positions across Southeast Asia and Europe. He has served in his current role since April 2024, a position he assumed during a strategic reorganisation aimed at accelerating Nissan’s EV transformation.
Nissan has struggled with persistent challenges including declining sales and management instability. The company has yet to fully recover from reputational damage following the controversial 2018 ouster of former chairman Carlos Ghosn, who faced financial misconduct allegations from Tokyo prosecutors.
Financial struggles have continued to plague the automaker, with Nissan revising its profit forecast downward three times during the current financial year ending March 2025. It currently remains to be seen if the merger with Honda is back on the cards after this CEO switch, or if Espinosa will be courting other potential suitors in his bid to save the company.
