AutoBeta(AutoBeta.net)10/09 Report--

Nissan officially announced that its board of directors has appointed Makoto Uchida, 53-year-old senior vice president of the company, chairman of Nissan's China Management Committee and president of Dongfeng Motor Co., Ltd., as president and CEO, Kyodo news agency reported.

(Makoto Uchida)

Hiroshi Nishikawa, 65, stepped down as president and CEO on Sept. 16 because of his own remuneration.

(Hiroshi Nishikawa)

Nissan hopes that under the leadership of Cheng Neida, the whole company will unite to take measures in order to recover and rebuild the new Nissan as soon as possible.

Nissan, which has been hit by financial scandals and falling profits, has also been investigated for overpay, which is the direct reason why Nissan was forced to resign. At a board meeting held on September 9, the board of directors discussed and asked Hiroshi Nishikawa to resign from the company, which was accepted by Hiroshi Nishikawa. Finally, Nishikawa Guangren stepped down as president and CEO on Sept. 16.

Through the company's internal investigation, Nishikawa Hiroshi is suspected of staggering the exercise day in May 2013, during which time the share price rose and received an extra $900000, further deepening Nissan's internal financial scandal. Hiroshi Nishikawa also said he would refund the extra salary.

During the term of office of Nishikawa Guangren, the relationship between the company and its major shareholder, Renault, has been strained, the company's profits have also fallen sharply, and the share price has fallen 36%. A series of scandals that broke out in the past year have put the company in trouble. It is worth mentioning that the former chairman Ghosn was arrested and ousted last year for financial misconduct, Nissan's internal financial problems have become increasingly prominent.

Mr. Neida joined Nissan in October 2003 and was transferred to the position of manager of Nissan in April 2006, in charge of Renault-Nissan Alliance Purchasing Organization (RNPO). During that time, he also worked at Renault Samsung, Nissan's project director, and vice president of Nissan. In April 2018, Uchida succeeded Guan run as president of Dongfeng Motor Co., Ltd. In April 2019, he was promoted to be a member of Nissan's executive committee and chairman of Nissan's China Management Committee.

Nissan's net profit fell 57.3 per cent to 319.1 billion yen in fiscal 2018, the lowest in eight years. Nissan's net profit fell 94.5% year-on-year to 6.3 billion yen in the first quarter of fiscal 2019 (April to June). At the same time, Nissan officially announced that it would cut 12500 jobs worldwide by 2022 in order to reverse the decline of its business.

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