Nissan Motor Co.
Nissan Motor Co. senior executive Makoto Uchida speaks to media at Shanghai International Automobile Industry Exhibition in Shanghai (Photo: Reuters / Kyodo)

In its latest attempt to move past the scandal that placed it in the limelight just a few months ago, Nissan has announced that it has selected a new chief executive officer. The Japanese car manufacturer made the announcement on Tuesday and named Nissan veteran Makoto Uchida as its new CEO.

Japan's second-largest automaker behind Toyota selected Uchida to lead the company past the Carlos Ghosn scandal and into its full recovery. Uchida was previously the head of Nissan's joint venture in China, and the company thinks his experience in the key markets within the country should prove useful.

Nissan's chairman of the board of directors, Yasushi Kimura, mentioned in a statement that they expect Uchida to unite the company into one team and to lead to a full recovery. Yasushi also stated that he hopes Uchida can revitalize the company and get it passed its previous internal issues.  

Apart from naming Uchida as its new CEO, Nissan also announced that it has promoted Mitsubishi Motor Corp's Ashwani Gupta as the company's new chief operating officer. Jun Seki, an executive who was in the running to become Nissan's new CEO, was promoted as its vice-chief operating officer.

Uchida will officially take over as Nissan's CEO on January 1st next year. The executive will be replacing the company's former chief, Hiroto Saikawa.

The former CEO resigned from his post after he publicly admitted that he ha and other executives had been overpaid through the use of an elaborate stock-related payment plan.

Saikawa had denied any wrongdoing and had stated that he was willing to return any excess funds he had received. The departure of the company's CEO was a big blow to the company, which was still dealing with the global litigation against its former chairman Carlos Ghosn.

The former head of the Renault alliance was accused of financial misconduct for intentionally understating his income and compensations for years. Ghosn was also accused of abusing his position and for transferring his personal investment losses to the company. Ghosn is currently under house arrest in Tokyo while he faces his charges.

Ghosn has denied all of the charges against him and claimed that the issue mainly stemmed from fears of a possible Nissan-Renault merger, which resulted in a revolt within the Japanese firm. Ghosn is also currently facing a $1 million fine by the Securities and Exchanges Commission (SEC) to settle the illegal compensation claims against him. Since the scandal had broken out, the company's financial practices have been under intense scrutiny.