Nissan Reshuffles Management Amid Struggles to Fix Money-Losing Business

TOKYO — Struggling Japanese automaker Nissan has announced a significant management overhaul to address its financial troubles, including the appointment of Jeremie Papin, previously in charge of U.S. operations, as the company’s new Chief Financial Officer.

Papin, who replaces Stephen Ma, will lead Nissan’s recovery strategy starting January 1. Ma will transition to oversee the automaker’s operations in China, a key market for growth.

Executive Changes and Financial Struggles

The reshuffle comes as Nissan contends with a $61 million quarterly loss for the July–September period—a sharp reversal from its 190.7 billion yen profit a year ago. Amid declining sales, the automaker has announced 9,000 global job cuts and a 20% reduction in production capacity.

Nissan CEO Makoto Uchida, who has taken a 50% pay cut in light of the company’s poor performance, emphasized the urgency of the changes.
“These executive changes reflect the experience and urgency needed to get the company back on track,” Uchida said in a statement.

Papin, a dual citizen of the U.S. and France, brings extensive expertise in strategy, business development, and investment banking. A former executive with Renault, Nissan’s long-time alliance partner, Papin has been on Nissan’s executive committee since 2023, shaping its growth initiatives.

Additional Leadership Shifts

The restructuring also includes:

• Christian Meunier, former Jeep CEO, returning to Nissan as chairman of the Americas Management Committee.
• Shohei Yamazaki, China Management Committee chairman, taking over leadership of the Japan-ASEAN region.
• Guillaume Cartier, appointed Chief Performance Officer effective December 1, tasked with coordinating the broader managerial shifts.

Further changes aimed at creating a “slimmer, flatter” management structure are expected in April 2025.

Challenges in the U.S. Market

Nissan’s struggles in North America, where competition from Tesla, Toyota, and Ford has intensified, remain a significant concern. Fitch recently downgraded Nissan’s outlook from stable to negative, citing persistent weaknesses in the region.

The company’s stock has also declined steadily, dropping from 500 yen ($3.30) six months ago to approximately 360 yen ($2.40) today.

Looking Ahead

Despite the challenges, Uchida expressed optimism about the company’s future, stating that Nissan remains focused on sustainable profitability through its turnaround efforts.