Friday, November 1, 2013
DJ: Nissan Rearranges Top Management Structure
YOKOHAMA, Japan--Nissan Motor Co. (7201) said Friday it is rearranging its top management structure after downgrading its annual profit forecast amid sluggish sales in emerging markets.
"Many of these changes were planned as part of the natural evolution of the company," said chief executive Carlos Ghosn at a briefing after the company announced its earnings. "However, our slow performance in the first half of the year required immediate action to be taken."
Chief Operating Officer Toshiyuki Shiga will become the company's vice-chairman, the company said Friday afternoon. The role of COO will be split among three executives: Hiroto Saikawa, Andy Palmer and Trevor Mann.
Mr. Ghosn attributed the lower earnings forecast to temporary factors related to the company's expansion of production facilities and new car models in countries including Brazil, India and Russia.
Nissan cut its operating profit outlook for the year through March to Y490 billion from Y620 billion. Mr. Ghosn canceled a planned appearance in South Korea to attend the press conference and a meeting with analysts.