Nissan on Tuesday named Ivan Espinosa its next chief executive, tapping the two-decade company veteran with deep product experience to revive a once-storied brand now tarnished by years of scandal, management turmoil and faltering sales.

Nissan CEO Makoto Uchida will step down from his position on April 1, with current Chief Planning Officer Ivan Espinosa set to take up the role. Espinosa will be Nissan's fourth CEO in eight years. The leadership shakeup comes less than a month after Nissan and Honda terminated merger talks.

Japanese automaker Nissan's chief executive, Makoto Uchida, is stepping down after the company reported dismal financial results and its merger talks with Honda collapsed. Nissan Motor Corp. said in a statement Tuesday that Ivan Espinosa,

Nissan said in a statement Tuesday that Ivan Espinosa, who is now the company’s chief planning officer, will take Makoto Uchida’s place.

The automaker, which recently engaged in failed merger talks with Honda, said its leadership needed to be “renewed” to achieve long-term growth.