JAPAN'S NISSAN RESHUFFLES MANAGEMENT TO FIX ITS MONEY-LOSING BUSINESS

Embattled Japanese automaker Nissan has tapped Jeremie Papin, who was overseeing its U.S. operations, as its chief financial officer in a major management reshuffle billed as key to a turnaround.

The move as announced in the United States last week. It means Papin, chairman of Nissan’s Americas Management Committee, replaces Stephen Ma, who will oversee Nissan Motor Corp.’s China operations.

Ma’s replacement had been speculated about for some time, given Nissan’s problems in the key U.S. market, lately dominated by Tesla, Toyota and Ford.

Last month, Nissan said it was slashing 9,000 jobs, or about 6% of its global work force, and reducing global production capacity by 20% after reporting a quarterly loss of 9.3 billion yen ($61 million).

That was a reversal from the 190.7 billion yen profit recorded the same quarter a year ago. Sales for the quarter through September fell to 2.9 trillion yen ($19 billion) from 3.1 trillion yen.

Chief Executive Makoto Uchida took a 50% pay cut to take responsibility for the results and acknowledged Nissan needed to become more efficient and respond better to market tastes, rising costs and other global changes.