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.

KEY TAKEAWAYS Japanese automaker Nissan Motor said Tuesday it is replacing CEO Makoto Uchida with Chief Planning Officer Ivan Espinosa, a month after its merger plan with rival Honda Motor collapsed.Nissan said Espinosa will take the helm on April 1.

Effective April 1, the board of directors has approved titles and areas of responsibility for the representative executive officer and executive officers. Ivan Espinosa, currently the chief planning officer, has been appointed as the representative executive officer, president, and CEO, succeeding Makoto Uchida.