Nissan Motor’s CFO, Stephen Ma, is stepping down amid a series of executive changes, marking another challenge for the automaker as it struggles to navigate a turbulent year. Sales have taken a significant dive, prompting the company to announce thousands of layoffs and a substantial reduction in manufacturing capacity.
Ma, who joined Nissan in 1996, has held various roles in North America, China, and Japan before being promoted to CFO in late 2019. His departure is shrouded in uncertainty, with speculation about whether he will leave the company or potentially face a demotion. This move comes after Ashwani Gupta’s exit as Nissan’s COO 17 months ago, contributing to the ongoing leadership turnover. As a result, CEO Makoto Uchida remains the only top-level executive at the company, further concentrating the pressure on his leadership during this challenging time.
In addition to leadership instability, Nissan’s financial outlook remains bleak. Last month, the company announced plans to eliminate 9,000 jobs and cut its global manufacturing capacity by 20%. Shifts are being reduced with some plants operating a four-day workweek to align production with market demand.
These moves are part of a larger effort to restructure and address an outdated product lineup and operational inefficiencies. Nissan’s market capitalization has also seen a sharp decline, falling from nearly ¥6 trillion (about $39.9 billion) in 2015 to just ¥1.5 trillion (approximately $9.9 billion) today. This drop has relegated Nissan to the fifth-largest automaker in Japan, trailing behind industry giants like Toyota, Honda, Suzuki, and Subaru.
Ma’s exit complicates Nissan’s road to recovery. The company is dealing with not only a shrinking market share but also the pressure of managing under public and investor scrutiny. As Nissan attempts to regain its footing, the ongoing leadership changes and financial struggles will only add to the challenges it faces in the coming months.
