Nissan CEO Makoto Uchida will step down from his position on April 1, the company said in a release Tuesday. He will be replaced by current Chief Planning Officer Ivan Espinosa. The leadership shakeup comes almost a month after Nissan and Honda terminated merger talks.

The crisis-stricken carmaker has decided on a change in leadership. The current CEO Makoto Uchida has to leave at the end of the month. Ivan Espinosa,

Nissan Motor Co. named company insider Ivan Espinosa to replace Chief Executive Officer Makoto Uchida and helm the battered Japanese carmaker as it looks to secure a financial backer and stabilize its floundering business.