Nissan CEO Makoto Uchida will step down from his position on April 1, with current Chief Planning Officer Ivan Espinosa set to take up the role. Espinosa will be Nissan's fourth CEO in eight years. The leadership shakeup comes less than a month after Nissan and Honda terminated merger talks.

Nissan president and CEO Makoto Uchida will be replaced by Ivan Espinosa from April 1 as part of a wide-reaching overhaul of the company’s leadership team that sees a number of other top-level management changes.

The Japanese automaker has revealed multiple executives will resign from their positions after talks with Honda to create the world's third-largest car manufacturer fell flat.