The reins of Nissan Motor Co. will be handed over to Carlos Ghosn, known as "the cost-cutter" and presently the chief operating officer of the struggling automaker, it was announced Thursday.

Ghosn will succeed current President Yoshikazu Hanawa, who will become Nissan's chairman and continue to act as chief executive officer, company officials said.

The change is to be approved at a board meeting following the firm's annual shareholders' meeting, scheduled for late June.

"I'm honored to be named as president of Nissan," said Ghosn, who will continue to serve as COO after taking over the presidency. "Even though the title of president is symbolic and important, this doesn't change anything in reality."

Ghosn, formerly the executive vice president of Renault SA, became Nissan's COO in July after the French automaker gained a 38.6 percent stake in the Japanese carmaker in May. The stake gave Renault managerial control of Nissan, which was struggling under the weight of interest-bearing debts amid a weak economy at home.

He designed the ambitious Nissan Revival Plan, which was unveiled in October. The plan's major goals include the return of Nissan to profitability in fiscal 2000, reduction of costs by 1 trillion yen and the slashing of outstanding debts from 1.4 trillion yen to less than 700 billion yen by fiscal 2002.

"In October 2000, we will announce the first six-month results of the Nissan Revival Plan and I'm hopeful that at that moment we can announce some measurable achievements," Ghosn said Thursday. "I'm more confident today than I was six months ago."

Hanawa told the same press conference that he opted to step down after observing Ghosn's strong leadership in drawing up and carrying out the restructuring plan.

"I thought of handing over the presidency to Ghosn when he came to Nissan about a year ago," Hanawa said.

"Now is the time to go through with the handover because his way of thinking and business strategies have been understood by our employees, both in Japan and in foreign countries."

Also Thursday, Nissan announced changes to its corporate structure as well as a reshuffling of personnel, both scheduled to take effect April 1.

According to the plan, both the number of members on its board and its executive committee will be reduced from the present 10 to nine with the departure of Vice President and Chief Financial Officer Kanemitsu Anraku, who will become vice chairman.

Thierry Moulonguet, a senior vice president and deputy chief financial officer, will take over Anraku's posts.

In an effort to speed up communications and the decision-making process between its overseas operations and its Tokyo headquarters, Nissan will establish management committees in North America and Europe that will serve as main decision-making centers, officials said.