Japanese automaker Nissan Motor Co. says its chief executive, Makoto Uchida, is stepping down.
He is relinquishing the post after the company reported dismal financial results.
Nissan said in a statement Tuesday that Ivan Espinosa, who is now the company's chief planning officer, will take Uchida's place. Uchida will remain as a director until Nissan's general shareholders' meeting.
Uchida had recently promised to make way for new leadership.
Speculation had been rife about his future after he called off talks last month with Japanese rival Honda, announced late last year, to set up a joint holding company to integrate its businesses.
Nissan is projecting a loss of $540 million for this fiscal year.