Nissan reshuffles leadership, moves CFO Stephen Ma to lead China operations
Nissan reshuffles leadership, moves CFO Stephen Ma to lead China operations
Nissan Motor Co. said Wednesday it would shake up its leadership appointments, with Chief Financial Officer Stephen Ma taking over as chief of its Chinese operations next year. Moving on from slewed sales and cost cutting measures is a difficult task for the automaker.
Ma will be replacing Jeremie Papin, currently Nissan Americas Chairperson, as CFO. President and CEO Makoto Uchida is reshuffling the company to stave off issues in its main China and U.S. markets, where it is facing financial pressure.
The changes come just weeks after Nissan gave a troubling financial outlook. Automaker Honda slashed its annual operating profit forecast by 70% and said its net earnings tumbled by 90 percent for the first half of its fiscal year. Uchida said he was trying to mitigate losses by cutting 9,000 jobs and slashing global production capacity by 20 per cent, to save USD 2.6 billion by March.
Stephen Ma, 54, joined Nissan’s U.S. unit in 1996 and has previously held key financial positions, including handling the company’s joint venture with Dongfeng in China. After Uchida was named the CEO in November, he became CFO in December 2019. Ma will run operations in China, a big market for Nissan, in his new role.
The glove will be passed to Jeremie Papin, who joined the Renault-Nissan alliance in 2009 as a financial advisor and has since led Nissan’s U.S. business, inheriting the challenge of steering the automaker back to firm financial recovery.
Management changes would bring the right experience and urgency to the countermeasures we are taking to get the company back on track, said Uchida. Nissan also plans further leadership changes in April.
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It comes after years of leadership turmoil, from Carlos Ghosn’s 2018 arrest and strained ties with Renault. More recently, CEO Hiroto Saikawa resigned in 2019 over pay controversies, and COO Ashwani Gupta departed last year amid allegations of internal surveillance.
With activist investors like Effissimo Capital Management and Oasis Management increasing their stakes in Nissan, the company faces added pressure to implement governance and capital reforms alongside its restructuring efforts.
