Nissan: Carlos Ghosn steps down as CEO, will remain Chairman

Carlos Ghosn has decided to step down as the Chief Executive Officer of Nissan Motor Co. in order to concentrate on the Nissan-Renault-Mitsubishi alliance. Ghosn, however, will continue to be the Chairman of the Japanese automotive manufacturing company.

Carlos Ghosn (62) is a big name in the automotive world and is considered to be responsible for the company's turnaround from a near bankruptcy situation in 1999. Under Ghosn's leadership, Nissan-Renault-Mitsubishi alliance is currently the fourth largest automotive group in the world.

Hiroto Saikawa, the current co-CEO of Nissan has been appointed to fill up the vacated position. Ghosn will be handing over the CEO post to Saikawa on April 1, 2017. The outgoing CEO had himself nominated Saikawa to be his successor.

Nissan had acquired a controlling stake in Mitsubishi in October 2016. Ghosn will now be working on expansion of the Nissan-Renault-Mitsubishi alliance in order to improve the group's global market share.