Nissan Motor Co. (TYO:7201) is preparing to replace Chief Executive Officer Makoto Uchida after weak earnings and failed merger talks with Honda (TYO:7267), Bloomberg News reported Thursday, citing sources familiar with the matter.
The company is gauging interest in potential successors, with CFO Jeremie Papin a likely candidate, the news agency noted, citing a report from Japanese publication Diamond.
Uchida, 58, warned of an 80 billion yen net loss for the fiscal year ending March, a sharp reversal from the 380 billion yen profit forecast nine months ago, Bloomberg reported.
Nissan faces record debt due next year, with all major rating agencies downgrading it to junk.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price (JPY): $444.60, Change: $+15, Percent Change: +3.37%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.