Nissan's CEO Carlos Ghosn just stepped down

Nissan Motors has a new CEO. On February 22, the Japanese automaker announced that Hiroto Saikawa will become its new CEO on April 1, 2017.

Saikawa, who currently serves as the company's co-CEO, will take over for Nissan's long-time chairman and CEO Carlos Ghosn.

"I am confident that the management team I have developed at Nissan over the past 18 years has the talent and experience to meet the company's operational and strategic goals," Ghosn said in a statement.

"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."

Even though Ghosn will relinquish his spot as the CEO, he will retain his position as the company's chairman. In addition, Ghosn will remain the CEO of Renault Group, chairman of Mitsubishi Motors, as well as chairman and CEO of the Nissan-Renault-Mitsubishi Alliance.