Ivan Espinosa has spent more than two decades working for Nissan, and is tasked with turning around the imperiled Japanese carmaker.

The crisis-stricken carmaker has decided on a change in leadership. The current CEO Makoto Uchida has to leave at the end of the month. Ivan Espinosa,

The rumors flying last week that Nissan CEO Makoto Uchida had one foot out the door have come true. On Tuesday, the Yokohama, Japan-based automaker announced the resignation of Uchida in the same breath as it appointed a new leader, Ivan Espinosa.

Nissan appointed Ivan Espinosa as its new CEO, selecting the 20-year company veteran to lead a turnaround for the troubled automaker.

Automotive manufacturer Nissan announced the appointment of Mexican Iván Espinosa as its new president and chief executive officer (CEO).

Ivan Espinosa has an impressive track record at Nissan. After joining the company in 2003 as a product manager in Nissan Mexico's planning division, he worked his way up to important roles within the organization.

The S&P 500 dipped into correction territory on Tuesday and Nissan has pushed out chief executive Makoto Uchida in the wake of the collapse of merger talks with Honda. Plus, banks are trying to catch up to one of the hottest trends in consumer finance: interest-free buy now,

Nissan's recent struggles are no secret. The company teeters on the verge of bankruptcy after a failed merger attempt with fellow Japanese conglomerate Honda. Now, the company has appointed a new CEO in hopes of turning things around.