The rumors flying last week that Nissan CEO Makoto Uchida had one foot out the door have come true. On Tuesday, the Yokohama, Japan-based automaker announced the resignation of Uchida in the same breath as it appointed a new leader, Ivan Espinosa.

Ivan Espinosa succeeds Makoto Uchida after the failed merger with Honda, marking a strategic turning point for the Japanese carmaker.

The change in the top management team was deemed necessary due to the "industry-wide challenges and Nissan's performance"

Makoto Uchida steps down as CEO, replaced by Ivan Espinosa. The decision comes after a period of financial difficulty and the failure of merger talks with Honda. For Espinosa, a daunting task

The S&P 500 dipped into correction territory on Tuesday and Nissan has pushed out chief executive Makoto Uchida in the wake of the collapse of merger talks with Honda. Plus, banks are trying to catch up to one of the hottest trends in consumer finance: interest-free buy now,

Nissan's recent struggles are no secret. The company teeters on the verge of bankruptcy after a failed merger attempt with fellow Japanese conglomerate Honda. Now, the company has appointed a new CEO in hopes of turning things around.

Nissan chief executive officer Makoto Uchida is stepping down after the Japanese automaker reported dismal financial results.