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.

Nissan Motor Co. named company insider Ivan Espinosa to replace Chief Executive Officer Makoto Uchida and helm the battered Japanese carmaker as it looks to secure a financial backer and stabilize its floundering business.

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.