According to media reports, sources indicate that Stephen Ma, Chief Financial Officer (CFO) of Japanese automaker Nissan, is set to step down from his position. It remains unclear whether he will be demoted or leave the company entirely. This marks yet another executive shake-up for Nissan during a challenging period.
Stephen Ma joined Nissan in North America in 1996 and has held financial leadership roles in the company's Chinese and Japanese markets. He was promoted to CFO in December 2019.
Prior to Ma, Nissan's Chief Operating Officer Ashwani Gupta departed 17 months ago, leaving Makoto Uchida, the CEO, as the sole remaining member of the company's top executive team. This highlights Nissan's ongoing struggles with leadership instability.
Both Stephen Ma and a Nissan spokesperson declined to comment on the reports.
Nissan has faced significant challenges due to an outdated product lineup, increased spending on sales incentives, and a lack of hybrid models in the North American market. These issues have led to job cuts and production reductions. Last month, Nissan announced plans to cut 9,000 jobs globally and reduce production capacity by 20%.
Currently, Nissan forecasts a 70% drop in net operating profit for fiscal year 2024 (April 2024 to March 2025), down to ¥150 billion (approximately $1 billion).
Nissan's market value has also significantly declined, standing at approximately ¥1.5 trillion today. This is a sharp fall from its peak of nearly ¥6 trillion in 2015. By market capitalization, Nissan is now the fifth-largest automaker in Japan, trailing behind Toyota, Honda, Suzuki, and Subaru.
