Chief Executive Makoto Uchida is stepping down, with Chief Planning Officer Ivan Espinosa taking the helm of the Japanese carmaker.

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.

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.