Nissan CFO Stephen Ma departs as car giant battles for survival

The man at the centre of an iconic carmaker’s money troubles has become the first victim of the industry’s coming ‘bloodbath’.

Nissan’s woes have shifted gears with reports its chief financial officer will step down.

Bloomberg reports that Nissan CFO Stephen Ma will end his tenure with the Japanese giant, following a tumultuous period for the brand.

Nissan has been contacted for comment.

Nissan made headlines last week after the Financial Times reported Renault was looking to reduce its stake in the Renault Nissan Mitsubishi alliance, with unnamed sources saying the Japanese company may not survive beyond 2025.

The news came after Nissan published financial results that set off alarm bells in the car industry.

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Nissan CFO Stephen Ma. Picture: Supplied

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Citing a singificant reduction in income and profitability, the manufacturer said it will cut production capacity by 20 per cent and reduce its global workforce by 9000 employees.

A statement released by the company said that “facing a severe situation, Nissan is taking urgent measures to turnaround its performance and create a leaner, more resilient business capable of swiftly adapting to changes in the market”.

The brand promised to cut costs, sell off assets and prioritse research and development investment.

Nissan chief executive Makoto Uchida will reduce his monthly salary by 50 per cent.

The company boss said ”these turnaround measures do not imply that the company is shrinking”.

“Nissan will restructure its business to become leaner and more resilient, while also reorganizing management to respond quickly and flexibly to changes in the business environment,” he said.

“We an aim to enhance the competitiveness of our products, which are fundamental to our success, and set Nissan back on a path of growth.

“As a cohesive team, we are dedicated to working together to ensure the successful implementation of our plans.”

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Car giant Nissan is desperately trying to save itself from collapse after a major investor bailed out.

Reports of Nissan’s CFO leaving follow the departure of chief operating officer Ashwani Gupta in 2023 and the sensational arrest for former chief executive Carlos Ghosn in 2018.

Several carmakers are struggling to cope with a shift toward electric cars, increased competition and weak demand from customers.

Carlos Tavares, chief executive of Jeep parent company Stellantis, quit his post this week.

Volkswagen is dealing with strikes in Europe amid plans to shut down factories as its cars shift from petrol to electric power.

Other giants such as Ford and General Motors have openly struggled with investment in electric cars while trying to maintain production of traditional models.