The rumors flying last week that Nissan CEO Makoto Uchida had one foot out the door have come true. On Tuesday, the Yokohama, Japan-based automaker announced the resignation of Uchida in the same breath as it appointed a new leader, Ivan Espinosa.

Espinosa, the automaker's chief planning officer, joined Nissan in 2003 and has been working on product strategy and planning.

The crisis-stricken carmaker has decided on a change in leadership. The current CEO Makoto Uchida has to leave at the end of the month. Ivan Espinosa,

Ivan Espinosa, who joined Nissan in 2003 and currently serves as chief planning officer, will take the top job from April 1, with Uchida stepping down at the end of March 2025.

Ivan Espinosa has an impressive track record at Nissan. After joining the company in 2003 as a product manager in Nissan Mexico's planning division, he worked his way up to important roles within the organization.

Espinosa has overseen global product planning and motorsports, among other areas, since April 2024. He has been involved in global product planning since 2010 and has earlier experience in Southeast Asia and Mexico.

Nissan's recent struggles are no secret. The company teeters on the verge of bankruptcy after a failed merger attempt with fellow Japanese conglomerate Honda. Now, the company has appointed a new CEO in hopes of turning things around.