News Summary: Nissan cuts profit outlook

Nissan Motor Co. reshuffles management after profit underperforms, recalls boost costs

Associated Press

NOT SO GREAT EXPECTATIONS: Nissan trimmed its earnings forecast and reshuffled its leadership lineup amid a number of quality issues and tougher-than-expected conditions in many markets.

EXECUTIVE CHANGES: Nissan President and Chief Executive Carlos Ghosn that Chief Operating Officer Toshiyuki Shiga will step down from that roll to become a vice chairman, and three other executives will be appointed as COOs.

DIFFERENT DIRECTION: "I can tell you nobody is taking this as a kind of punishment," Ghosn said. "Everybody recognizes there is a need to rejuvenate. This is a good chance to start." Ghosn sought to pre-empt any speculation about his own departure, saying he had no news to offer.

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