Why is Nissan's CFO on the out?

The reported departure of Nissan’s Chief Financial Officer Stephen Ma speaks volumes about the mounting challenges facing one of Japan’s most prominent automakers.

According to Bloomberg, while Nissan has declined to comment on the matter, sources familiar with the situation indicate Ma will step down from his position, though his future role—whether outside the company or in a different capacity—remains unclear.

The timing could hardly be more critical. Ma’s expected exit comes as Nissan grapples with what CEO Makoto Uchida has explicitly called “emergency mode,” a stark admission of the company’s predicament. Just last month, Nissan announced sweeping cuts that will eliminate 9,000 jobs and slash manufacturing capacity by a fifth—decisions that Ma himself would have been deeply involved in as CFO.

The leadership implications are particularly concerning. Ma’s departure would leave CEO Uchida as the sole top-level C-suite executive, creating a leadership vacuum at a time when stable guidance is desperately needed. This follows a pattern of executive turnover that has plagued Nissan since the dramatic arrest and ouster of former Chairman Carlos Ghosn five years ago.

The most recent example was the departure of Chief Operating Officer Ashwani Gupta just 17 months ago, highlighting a troubling pattern of instability at the top.

Cracks in the paintwork

The company’s challenges run deeper than personnel changes. Nissan’s financial performance tells a sobering story: operating income projections for the fiscal year ending in March have been slashed by 70% to ¥150 billion ($1 billion). Market indicators paint an equally concerning picture. The company’s market capitalization has plummeted from its 2015 peak of nearly ¥6 trillion to about ¥1.5 trillion today, relegating Nissan to fifth place among Japan’s automakers by market value—behind Toyota, Honda, Suzuki, and Subaru.

Several fundamental issues have contributed to this decline. In North America, a crucial market, Nissan faces criticism for an outdated vehicle lineup and a notable absence of hybrid options—a significant weakness as competitors aggressively expand their electrified offerings. The company has also been spending heavily on sales incentives, a strategy that may boost short-term sales but often signals deeper competitive challenges.

Adding to these pressures, Nissan has drawn the attention of Effissimo Capital Management, one of Japan’s most influential activist investors. This scrutiny comes at a particularly sensitive time, as reports surface about Renault potentially reducing its stake in the Renault-Nissan-Mitsubishi alliance. Some sources, speaking to the Financial Times, have even suggested that Nissan’s survival beyond 2025 could be at risk without significant changes.

The company has taken some steps to address these challenges. Guillaume Cartier’s promotion to chief performance officer, effective December 1, signals an attempt to strengthen the leadership team. However, Ma’s imminent departure—following his relatively brief tenure since joining as CFO in December 2019—raises questions about the stability of Nissan’s executive ranks and its ability to execute a successful turnaround.

A longstanding employee

Ma’s history with Nissan stretches back to 1996, when he joined the company’s North American operations. His career path through financial roles in China and Japan before ascending to the CFO position alongside Uchida and Gupta in 2019 gave him deep insight into the company’s global operations. This makes his departure particularly significant, as it represents the loss of considerable institutional knowledge at a critical juncture.

Looking ahead, Nissan faces the daunting task of navigating these challenges with an increasingly thin executive bench. The success of its dramatic cost-cutting measures, the stabilization of its market position, and ultimately its long-term survival may depend on how quickly and effectively the company can rebuild its leadership team while executing its turnaround strategy. For now, the departure of yet another key executive suggests that Nissan’s path to recovery remains far from certain.

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