Nissan announces its CEO will step down just one month after failed merger talks with Honda

Nissan CEO Makoto Uchida is stepping down on April 1, . He will be replaced by acting Chief Planning Officer (CPO) Ivan Espinosa. Uchida and Espinosa’s promotion will make him the company’s fourth CEO in eight years.

Other senior management personnel are also stepping down on April 1, including Chief Brand and Customer Officer Asako Hoshino and Chief Strategy and Corporate Affairs Officer Hideaki Watanabe. This leadership shakeup is happening less than one month after .

That deal and would have created the world’s third-largest automobile company by sales volume. Reporting has indicated that the talks fell apart after Honda demanded that Nissan become its subsidiary. Sources at Reuters also noted that Nissan and initiate deep staff cuts.

Nissan’s problems go far beyond failed merger talks. There’s a reason, after all, why Honda wanted to be top dog and not the other way around. Nissan saw a 78 percent year-on-year reduction in operating profits . It also reported a net loss of over $95 million for the same time period. It cut forecasts for both revenue and operating profit and its stock valuation has been all over the place.

Outgoing CEO Uchida told reporters that he was “unable to gain the confidence” of many Nissan employees since announcing a turnaround plan last year and that the best course of action was to pass “on the baton to my successor quickly.” CPO Espinosa has been with the company since 2003.

“I grew up in Nissan and I’ve spent many years working in divisions across the globe,” Espinosa said. “I sincerely believe Nissan has so much more potential than what we are seeing today.”