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Nissan announces its CEO will step down just one month after failed merger talks with Honda
Nissan CEO Makoto Uchida is stepping down on April 1, to be replaced by acting CPO Ivan Espinosa. This is happening just one month after merger talks with Honda imploded.
That deal would have been worth at least $50 billion and would have created the world’s third-largest automobile company by sales volume. Sources at Reuters also noted that Nissan refused to close factories and initiate deep staff cuts. Outgoing CEO Uchida told reporters that he was “unable to gain the confidence” of many Nissan employees since announcing a turnaround plan last year and that the best course of action was to pass “on the baton to my successor quickly.” CPO Espinosa has been with the company since 2003.
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