Nissan chief executive Carlos Ghosn quits

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Carlos Ghosn is stepping down as chief executive of Japanese car maker Nissan.

Hirohito Saikawa, the company's co-chief executive, will become the sole boss, while Mr Ghosn will become Nissan's chairman.

The reshuffle will allow Mr Ghosn to "focus on the group's alliance" with French car maker Renault and Mitsubishi Motors.

Nissan bought a 34% stake in Mitsubishi Motors last year in the wake of Mitsubishi's fuel efficiency scandal.

Mr Ghosn said: "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."

He will continue to supervise and guide the company, both independently and "within the Renault-Nissan-Mitsubishi Alliance".

Mr Ghosn will seek a renewal of his mandate from shareholders at Nissan's general meeting in June.

Image copyright Getty Images

Nissan's Alliance family is built around a 17-year cross shareholding agreement with Renault. Nissan has also previously acquired stakes or signed partnerships with other carmakers including Daimler.

Mr Saikawa joined Nissan in 1977 and since 1999 he has served in a number of senior management positions, which included overseeing operations in the Americas and Europe.

Mr Ghosn became the company's chief operating officer in June 1999 and was appointed chief executive in June 2001, reviving what had been a brand in decline.

Under his leadership, Nissan achieved higher profit margins and expanded in many countries including China, which is now one of Nissan's key markets.

BBC

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