Nissan CEO Ghosn steps down in board reshuffle

Ghosn said on Thursday that he would not be completely stepping away from the company, and would remain chairman of Nissan and focus on its alliances with Mitsubishi and Renault.

Last year, following Mitsubishi's fuel efficiency scandal, Nissan bought a 34% stake in its rival, with Ghosn also assuming the post of chairman at both firms.

Ghosn is well-known in the auto sector for having engineered a sterling comeback for Nissan in the last number of years following technological developments in the industry.

"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," Ghosn said in a statement.

"As chairman of all three Alliance companies, and as chief executive of the Renault Group, Mr Ghosn wishes to focus more of his attention on the expansion and stewardship of the alliance," Nissan said.

Under Ghosn's stewardship, Nissan gained higher profit margins and increased their market share in several key regions, most notably in China, which is now counted as a key area for the Japanese auto maker.

Saikawa has worked for Nissan for decades, and was part of a group of managers sent to Europe in 1999 before rising to the top of its European operations, followed by moving to its US operations in 2007.

Nissan's shares were trading 0.58% lower on Thursday, but have gained 14.4% in the last year.