- Reports say that Nissan’s Chief Financial Officer is about to step down.
- That man, Stephen Ma, stepped into the role in 2019.
- If he leaves he’ll be the second major executive from Nissan to depart in less than two years.
Times are extremely tough at Nissan these days. CEO Makoto Uchida recently declared that the company is in “emergency mode.” Sharing the stage with him during that very announcement was CFO Stephen Ma. Now, it seems like Ma is about to leave the brand or, at the very least, step down from his role.
This new report comes from what Bloomberg calls “people with knowledge of the matter.” Again, at this stage, Ma could either stay with Nissan by transitioning into a new role within the company or leave entirely if the report holds true. For context, a little less than two years ago, Ashwani Gupta stepped down from his position as Nissan’s Chief Operating Officer.
Emergency Mode Means Hard Cuts
As part of this “emergency mode,” Uchida outlined a series of painful cost-cutting measures aimed at keeping the automaker afloat. Around 9,000 employees will lose their jobs, while executives, including Uchida himself, have agreed to voluntary pay cuts. Adding to the turmoil, Nissan has announced it will slash U.S. production by 17 percent. That move comes as the brand sees a huge drop in production worldwide.
According to Nissan’s own data, production is down everywhere except in Mexico, where the automaker has managed to maintain growth. Despite that bright spot, global sales remain flat, offering little relief to the struggling automaker. Will Nissan be able to turn the ship around in 2025? It’ll need to, according to one unnamed source who told the Financial Times that Nissan had 12 to 14 months to survive—an ominous deadline looming over the company’s efforts.
Can Nissan Pivot Fast Enough?
To survive, among other things, Nissan needs to catch as much of the hybrid wave as it still can in the USA, where it has lagged behind competitors in electrification. But reducing production to save costs could further limit its ability to meet market demand, creating yet another challenge for the automaker.
If CFO Stephen Ma does step down, the person to fill his shoes will no doubt have a gargantuan task ahead of them in navigating Nissan’s financial recovery. With the clock ticking and drastic measures underway, the coming months will be pivotal for Nissan’s future. Whether the automaker can right the ship or sink under mounting pressures remains to be seen.
