Nissan CFO Stephen Ma to step down amidst restructuring efforts: Report
Last month, Nissan Motor said it would cut 9,000 jobs and 20 percent of its global manufacturing capacity as it plans to reduce costs by $2.6 billion in the current fiscal year
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Japanese automaker Nissan Motor's Chief Financial Officer (CFO) Stephen Ma is set to step down, Bloomberg News reported. However, it is unclear whether Ma will leave the automaker or be demoted.
Nissan appointed Ma as CFO in 2019, replacing Hiroshi Karube. Ma's appointment as finance chief came weeks after Nissan named Makoto Uchida as the chief executive of its China business.
Last month, Nissan Motor said it would cut 9,000 jobs and 20 percent of its global manufacturing capacity as it plans to reduce costs by $2.6 billion in the current fiscal year amid a sales slump in China and the US. Nissan cut its annual profit outlook by 70 percent for the fiscal year.
According to the Reuters news agency, it scrapped its net profit forecast due to ongoing restructuring efforts, which it said would reduce costs by 400 billion yen ($2.6 billion) this fiscal year.
CEO Makoto Uchida also announced to forfeit 50% of his monthly compensation last month and the other executive committee members will also voluntarily take a pay cut.
Nissan will slash the capacity by 20 percent, reduce vehicle development lead time to 30 months, and deepen collaboration with its partners including Renault and Mitsubishi Motors, the automaker said.
At present, the Japanese automaker has 25 vehicle production lines globally.
The company is selling up to 10% of its stake in Mitsubishi Motors to raise up to $445.45 million.
