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.