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.

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

Nissan CEO Makoto Uchida will step down from his position on April 1. He will be replaced by current Chief Planning Officer Ivan Espinosa. The development comes a nearly a month after the breakdown of Nissan and Honda merger talks.

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.