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.

The crisis-stricken carmaker has decided on a change in leadership. The current CEO Makoto Uchida has to leave at the end of the month. Ivan Espinosa,