Mexican Iván Espinosa Becomes Nissan CEO Amid Challenges

Nissan has announced the appointment of Iván Espinosa as its new CEO, effective Apr. 1, 2025, succeeding Makoto Uchida. Espinosa, a 46-year-old Mexican national and current chief planning officer, has been with the company since 2003, holding key leadership positions across Mexico, Southeast Asia, and Europe. His appointment comes as Nissan grapples with declining financial performance and the collapse of merger negotiations with Honda.

Espinosa’s selection follows weeks of speculation regarding Nissan's leadership change. Nissan Chairman Yasushi Kimura stated that the decision to appoint Espinosa reflects the company’s need for fresh leadership to drive long-term growth. Kimura highlighted Espinosa’s deep expertise in product planning and global strategy as key factors in the decision.

Outgoing CEO Uchida announced his resignation after a challenging tenure marked by a 78% drop in third-quarter profit and the company’s third downward revision of its full-year outlook. During his five years at the helm, Uchida worked to steady Nissan following the fallout from Carlos Ghosn’s scandal. However, the automaker has struggled to reclaim market share, particularly in the United States and China.

Nissan’s failed merger talks with Honda added to the turbulence. The discussions aimed to create a US$60 billion automotive entity but fell apart after Honda proposed making Nissan a subsidiary. “At that point, the focus of the talks shifted, and it was no longer acceptable,” Uchida said previously.

“I firmly believe Nissan has untapped potential,” Espinosa said during the announcement. While he refrained from commenting on potential partnerships, he emphasized the need for a careful review of Nissan’s strategic direction.

The company faces mounting challenges, including growing competition from Chinese electric vehicle (EV) manufacturers, a limited hybrid vehicle lineup in the US market, and potential tariffs on vehicles exported from Mexico to the United States. Adding to these pressures, Fitch Ratings recently downgraded Nissan to junk status, citing uncertainty over its recovery efforts.

In addition to Espinosa’s appointment, Nissan unveiled several leadership changes. Guillaume Cartier, chief performance officer, will expand his portfolio to include global marketing and customer experience. Eiichi Akashi will replace Kunio Nakaguro as chief technology officer, while Teiji Hirata will take over from Hideyuki Sakamoto as head of manufacturing and supply chain management. Jeremy Papin, currently CFO, has been named an executive director, with Stephen Ma continuing as head of Nissan’s China management committee.

“I look forward to working with our talented global team to restore growth and stability at Nissan,” Espinosa said.