Nissan, rocked by financial scandals linked to former Chairman Carlos Ghosn and former CEO Hiroto Saikawa, on Tuesday named Makoto Uchida as its new CEO.
Uchida has been with Nissan since 2003 and is described by the automaker's board of directors as the “right leader to drive the business forward.” This is likely a reference to his knowledge of the Chinese market, where he is currently head of operations for Nissan. He will take up his new role as CEO of Nissan no later than January 1, 2020.
Nissan's board was forced to select a new CEO after Saikawa stepped down in September. The resignation came after Saikawa revealed to media that he and other senior Nissan executives received increased pay due to manipulations of stock-based payment plans.
As for Ghosn, he's been out of a job since his arrest in Japan last November on allegations of misreporting of salary over multiple years. Ghosn's case is more severe as he was criminally charged both in Japan and the United States, the latter via the Securities and Exchange Commission which he settled with in September.
He has been on bail since April but is required to remain in Japan as he awaits his trial in Japan. In a video released in April, he claimed his innocence and described the whole ordeal as a “conspiracy” against him.
Nissan’s stock value has plummeted since the ordeal first emerged. The company is also struggling to recover from falling sales and profits.