TOKYO -- Japanese automaker Nissan's chief executive, Makoto Uchida, is stepping down after the company reported dismal financial results and its merger talks with Honda collapsed. Nissan Motor Corp. said in a statement Tuesday that Ivan Espinosa, who is now the company’s chief planning officer, will take Uchida’s place, effective April 1.

Nissan said in a statement Tuesday that Ivan Espinosa, who is now the company’s chief planning officer, will take Makoto Uchida’s place.

The automaker, which recently engaged in failed merger talks with Honda, said its leadership needed to be “renewed” to achieve long-term growth.