Nissan has named co-CEO Hiroto Saikawa as its new CEO as current incumbent Carlos Ghosn refocuses his role.

Hiroto Saikawa, co-CEO and representative director, Nissan Motor Co., Ltd.

Mr Ghosn will remain as chairman but said he wishes to focus more of his attention on the expansion and stewardship of the Renault-Nissan Alliance following Nissan’s acquisition of a 34% stake in Mitsubishi.

Mr Ghosn, who is also chairman of Renault and Mitsubishi, said: “Having recently taken on new responsibilities at Mitsubishi Motors, and taking into consideration the upcoming Nissan general shareholders meeting, I have decided that the time is right for Hiroto Saikawa to succeed me as Nissan’s CEO.

“As Nissan’s chairman, I will continue to supervise and guide the company, both independently and within the Renault-Nissan-Mitsubishi Alliance. This planned change will also allow me to devote more time and energy to managing the strategic and operational evolution and expansion of the Alliance and ensuring that all its members benefit from the competitive advantages that its scale will deliver.”

Mr Saikawa joined Nissan in 1977 and since 1999 he has served in a variety of senior management positions, including overseeing the Americas and Europe.

Mr Ghosn became chief operating officer at Nissan in 1999 and is credited for reviving the brand and returning it to profitability.