Nissan is replacing its current CEO Carlos Ghosn with Hiroto Saikawa, in order to allow Ghosn to direct his energy toward keeping Renault going and re-building Mitsubishi.
Ghosn, 62, has been at the top of Nissan for 16 years and will continue to serve as chairman of Nissan, Renault, and Mitsubishi after he officially retires on April 1. He will also stay in the CEO position at Renault.
Saikawa has been with Nissan for 40 years. The 63-year old was assigned the chief competitive officer position in 2013, and became co-CEO with Ghosn in November 2016.
"I am confident that the management team I have developed at Nissan over the past 18 years has the talent and experience to meet the company's operational and strategic goals," said Ghosn in a press release Wednesday. "Having recently taken on new responsibilities at Mitsubishi Motors, and taking into consideration the upcoming Nissan general shareholders meeting, I have decided that the time is right for Hiroto Saikawa to succeed me as Nissan's CEO."
After suffering through a fuel-economy reporting scandal, Mitsubishi has some turning around to do. It appears Ghosn will now have some extra time to help oversee that transition.
Nissan officially took control of Mitsubishi in October 2016, when the company paid $2.3 billion for a 34 percent stake in the automaker.