Nissan Motors has a new CEO. On February 22, the Japanese automaker announced that Hiroto Saikawa will become its new CEO on April 1, 2017.
Saikawa, who currently serves as the company's co-CEO, will take over for Nissan's long-time chairman and CEO Carlos Ghosn.
"I am confident that the management team I have developed at Nissan over the past 18 years has the talent and experience to meet the company's operational and strategic goals," Ghosn said in a statement.
"Having recently taken on new responsibilities at Mitsubishi Motors, and taking into consideration the upcoming Nissan general shareholders meeting, I have decided that the time is right for Hiroto Saikawa to succeed me as Nissan's CEO."
Even though Ghosn will relinquish his spot as the CEO, he will retain his position as the company's chairman. In addition, Ghosn will remain the CEO of Renault Group, chairman of Mitsubishi Motors, as well as chairman and CEO of the Nissan-Renault-Mitsubishi Alliance.
According to a Nissan spokesperson, the announcement was pre-planned and will free up time for Ghosn to concentrate his work on the three-company alliance.
"Mr. Ghosn proposed the move to Nissan's board," the same spokesperson told Business Insider.
In October 2016, Nissan took a 34% controlling stake in Mitsubishi Motors valued at $2.3 billion. With Nissan and Renault surging forward, Ghosn is likely to spend of much his energy turning around the struggling Japanese automaker.
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