TOKYO -- Japanese automaker Nissan's chief executive, Makoto Uchida, is stepping down after the company reported dismal financial results and its merger talks with Honda collapsed. Nissan Motor Corp. said in a statement Tuesday that Ivan Espinosa, who is now the company’s chief planning officer, will take Uchida’s place, effective April 1.

Nissan said in a statement Tuesday that Ivan Espinosa, who is now the company’s chief planning officer, will take Makoto Uchida’s place.

Nissan chief executive officer Makoto Uchida is stepping down after the Japanese automaker reported dismal financial results.

Nissan on Tuesday named Ivan Espinosa its next chief executive, tapping the two-decade company veteran with deep product experience to revive a once-storied brand now tarnished by years of scandal, management turmoil and faltering sales.

The carmaker has named Chief Planning Officer Ivan Espinosa as its new chief executive, replacing current CEO Makoto Uchida.