Eight Months After Ghosn’s Exit, Nissan Remains Stuck in a Rut
- Quarterly profit plunges 99%, automaker to cut 12,500 jobs
- Leadership in question as Nissan struggles to turn around
This article is for subscribers only.
Nissan Motor Co.’s prospects are getting bleaker by the quarter, with the Japanese automaker forced to shed 12,500 jobs and reduce production capacity by 10% as its aging lineup weighs on profitability amid a global slump in car demand.
In the 250 days since the arrest of former Chairman Carlos Ghosn for alleged financial crimes, focus has shifted to the deteriorating business and the ability of Ghosn-protege-turned-accuser Hiroto Saikawa to revive the Yokohama-based company. The chief executive officer more than doubled job cuts and stepped up restructuring measures on Thursday, following a 99% plunge in operating profit for the first fiscal quarter.