The rumors flying last week that Nissan CEO Makoto Uchida had one foot out the door have come true. On Tuesday, the Yokohama, Japan-based automaker announced the resignation of Uchida in the same breath as it appointed a new leader, Ivan Espinosa.

Nissan's recent struggles are no secret. The company teeters on the verge of bankruptcy after a failed merger attempt with fellow Japanese conglomerate Honda. Now, the company has appointed a new CEO in hopes of turning things around.

New Nissan CEO Ivan Espinosa takes over a company that continues to face financial troubles and falling sales figures.

Nissan has found its next CEO. The automaker announced Ivan Espinosa as its next chief executive, replacing outgoing CEO Makoto Uchida after five years leading the company. The 46-year-old will take the reins at Nissan on April 1.

Ivan Espinosa, the current product planning boss of Nissan, will soon become its new Big Boss, replacing CEO Makoto Uchida on 1 April. And… it’s bit of a surprise. Espinosa himself couldn’t comment too much on the appointment because he only found out he was taking over the reins of the struggling Japanese carmaker at short notice.