Nissan Motor Co. is facing another leadership shakeup as Chief Financial Officer Stephen Ma is set to step down from his position. This development comes at a challenging time for the Japanese automaker, which is grappling with financial difficulties and declining sales.
Executive Changes
- Stephen Ma, who has been with Nissan since 1996, is leaving his role as CFO.
- This follows the departure of Chief Operating Officer Ashwani Gupta 17 months ago.
- CEO Makoto Uchida will be left as the sole top-level C-suite executive at Nissan.
Financial Challenges
Nissan is facing several financial hurdles:
- The company recently announced plans to eliminate 9,000 jobs.
- Nissan will cut a fifth of its manufacturing capacity.
- There was an 85% drop in operating profit in the third quarter.
- The automaker reported a net loss of ¥9.3 billion (approximately $60.1 million).
Market Position
Nissan's market standing has weakened considerably:
- The company's market capitalization has fallen from nearly ¥6 trillion in 2015 to just ¥1.5 trillion today.
- Nissan is now the fifth-largest automaker in Japan, behind Toyota, Honda, Suzuki, and Subaru.
Future Outlook
As Nissan attempts to navigate these challenges:
- The company is actively seeking new investors to replace Renault's reduced stake.
- Discussions are underway with Honda for a potential partnership focused on electric vehicles and software technologies.
- Guillaume Cartier has been promoted to chief performance officer as of December 1.
The departure of Stephen Ma adds to the ongoing leadership instability at Nissan. As the company faces mounting financial pressures and works to restructure its operations, all eyes will be on CEO Makoto Uchida and the remaining leadership team to steer Nissan through this critical period.
