New Nissan Motor Co. chief Makoto Uchida vowed Monday to turn around the teetering automaker, which has found itself in a downward spiral since the arrest of former Chairman Carlos Ghosn last year.

The firm aims to break away from the two-decade Ghosn era that was marked by a top-down system in which power was concentrated with the charismatic chief. Instead, the company wants to put more emphasis on collective leadership with a fresh three-pronged management structure.

But it remains to be seen whether Nissan's gambit will pay off, as the new leaders will face myriad daunting challenges, such as sinking profits, damaged relations with French alliance partner Renault SA and problematic corporate governance.