Nissan CFO Stephen Ma To Step Down: Bloomberg News

Stephen Ma, Chief Financial Officer of Nissan Motor, is set to step down, Bloomberg News reported, citing sources familiar with the matter.

It remains unclear whether Ma will leave the company entirely or assume another role. I Photo: Nissan

The move follows a recent profit warning and plans to cut thousands of jobs globally, Reuters also reported.

It remains unclear whether Ma will leave the company entirely or assume another role. His office has declined to comment. Ma, who became CFO in 2019, succeeded Hiroshi Karube shortly after Nissan appointed Makoto Uchida, the head of its China operations, as CEO.

Nissan announced earlier this month that it would eliminate 9,000 jobs and reduce global manufacturing capacity by 20%.

The automaker is aiming to cut costs by $2.6 billion this fiscal year amid slumping sales in its two largest markets, China and the US.

The downsizing highlights Nissan's struggles to recover from years of internal turmoil, including the 2018 ousting of former Chairman Carlos Ghosn and tensions with its partner Renault SA.

For the first half of the financial year, Nissan's global sales fell 3.8% to 1.59 million vehicles, with a significant 14.3% decline in China.

Nissan faces fierce competition in China, where local manufacturers like BYD are rapidly gaining market share with affordable electric and hybrid vehicles boasting advanced technology.