Nissan Motors has announced that Chief Executive Officer Carlos Ghosn has stepped down and will be succeeded by co-CEO Hiroto Saikawa beginning on April 1.
Ghosn, who has been the CEO of the automaker for the past 16 years, will retain his position as Nissan’s board chairman, as well as serve as CEO of Renault Group, chairman of Mitsubishi Motors and chairman and CEO of the Nissan-Renault-Mitsubishi Alliance.
In a statement, Ghosn that that he is “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” and that Saikawa’s appointment will allow him to focus on new responsibilities at Mitsubishi.
Nissan committed $2.3 billion in October 2016 to take a 34 percent controlling interest in Mitsubishi following its fuel economy ratings scandal. A that time, Ghosn promoted Saikawa from chief competitive officer to co-CEO of Nissan.
Saikawa has been with Nissan since 1977 and has held a number of senor management roles, including serving as chief of Nissan’s operations in the Americas and Europe.