A full-year net loss of 80 billion yen was expected, it added. The need to invest significantly in new electric vehicle and autonomous driving technology while competing globally have proven major challenges for the company. "Given the industry-wide challenges and Nissan's performance, we believe that it is necessary as well as appropriate to change the top management team," Yasushi Kimura, chairman of Nissan's board of directors, said during a press conference via a translator. "Nissan is in the midst of a transformation, and we believe [Espinosa] is the right person to lead the company in these times." Espinosa has worked at Nissan since 2003, according to his corporate page, taking on his first role as a product specialist at the company's Mexico division. Kimura said Espinosa's global product experience and "strong love for Nissan" meant he was trusted to drive the firm's recovery.