Although he will continue to serve as the company's board of director chairman, the 62-year Brazilian will now take-up the position of chairman at Mitsubishi Motors, bought last year in the wake of the struggling company's admittance's that it falsified fuel consumption figures on a number of its Japanese only kei cars.

"I am confident that the management team I have developed at Nissan over the past 18 years has the talent and experience to meet the company’s operational and strategic goals. Having recently taken on new responsibilities at Mitsubishi Motors, and taking into consideration the upcoming Nissan general shareholders meeting, I have decided that the time is right for Hiroto Saikawa to succeed me as Nissan’s CEO," Ghosn said in a statement.

He will however continue to remain CEO of the Renault Group and chairman of the French company's alliance with Nissan.

Saikawa, who started his career at Nissan in 1977 before being appointed senior vice-president in 2003, will take office as new CEO from April first.

"Under Mr. Ghosn's chairmanship and with the support of the excellent leadership team that has been built at Nissan, my focus will be delivering our company's continued performance and development and on continuing Nissan's contribution to the success of the Alliance. I would like to thank Mr. Ghosn and the Nissan board for entrusting me with this new responsibility," Saikawa said.