Nissan shakes up management as car-maker slashes profit outlook
Carlos Ghosn, chief executive officer of Nissan: has set aggressive expansion targets for Japan’s second-biggest car-maker to boost global market share and its operating margin. Photograph: Armando Arorizo/Bloomberg
Nissan’s chief operating officer Toshiyuki Shiga will step aside from his post in a management reshuffle after the company slashed its profit outlook.
Chief executive Carlos Ghosn has set aggressive expansion targets for Japan’s second-biggest car-maker to boost both global market share and its operating margin to 8 per cent by end of March 2017, but recalls and a sales slowdown in markets such as China and Russia have hindered the plan.
Mr Shiga (60) will become vice chairman, stepping away from day-to-day operations to oversee external affairs.
Nissan slashed its profit outlook for the year ending March 2014 by nearly 20 per cent to ¥355 billion (€2.66 billion). It also cut its global sales plan for this financial year by 1.8 per cent after seeing sales drop year on year in areas including China, Europe and Brazil. – (Reuters)