Struggling Japanese automaker Nissan announced on Tuesday that chief executive Makoto Uchida would step down, a move that follows the failure of merger talks with rival Honda.

The chief executive of Japanese car giant Nissan, Makoto Uchida, is stepping down after the company reported dismal financial results. Nissan Motor Corp said in a statement on Tuesday that Ivan Espinosa, who is currently the company’s chief planning officer, will take Mr Uchida’s place, effective from April 1.