Nissan Motor says its president and CEO will step down. Uchida Makoto is seen as responsible for the Japanese automaker's worsening business, among other issues.



The company terminated merger talks with Honda Motor in February after just one and a half months of discussions.



The firm's board of directors decided on Tuesday that Uchida would step down. Chief Planning Officer Ivan Espinosa is slated to take up his posts from April 1.



Nissan Motor President and CEO Uchida Makoto said: "The top priority for Nissan now is to get out of this situation as soon as possible and get the company back on a growth track. I also decided that it would be best for the company to shift to new management and make a fresh start as soon as possible."



Espinosa worked for a Nissan unit in his native Mexico from 2003. He handled global product strategy and planning as a corporate officer from 2018. He assumed his current post in April last year.



Nissan's business is rapidly deteriorating.



The firm expects a net loss of 80 billion yen, or about 540 million dollars, for this fiscal year through March. That is mainly due to sales slumps in the United States and China.



Taiwan's Hon Hai Precision Industry has showed interest in a tie-up with Nissan. But some in the Japanese automaker and its banks are urging a resumption of the talks with Honda.



Nissan under the new chief will face the challenge of devising a concrete strategy for forging partnerships with other companies, while determining the effects of such tie-ups.