Nissan appoints new CEO

Ghosn will continue to serve as chairman of the board of directors, and he will seek a renewal of his mandate at the company's general shareholders meeting in June 2017.

This planned management evolution follows Ghosn's leadership of the recent expansion of the Renault-Nissan Alliance to include Mitsubishi Motors, which positions the Alliance among the top automotive groups in terms of scale.

As chairman of all three Alliance companies, and as CEO of the Renault Group, Ghosn wants to focus more on the expansion and stewardship of the Alliance.

"The time is right"

Says 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. 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 Saikawa to succeed me as Nissan's CEO."

Saikawa currently serves as Nissan's co-CEO and a representative director. Between April 2013 and October 2016, he was Nissan's chief competitive officer. Saikawa joined Nissan in 1977, and since 1999 he has served in a variety of senior management positions. In addition to his responsibilities at Nissan, he is the current chairman of the Japan Automobile Manufacturers Association (JAMA). He previously served as a member of the board of directors of Renault between 2006 and 2016.