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This morning, at Nissan’s Board of Directors meeting, Nissan CEO Hiroto Saikawa announced his departure from the Japanese automaker.

On the eve of the Frankfurt Motor Show, the Board asked him to resign as representative executive officer and CEO of the company, effective September 16 – to which he accepted. Effective the same day, Nissan’s representative executive officer and COO, Yasuhiro Yamauchi, will become acting CEO.

Nissan’s Nomination Committee will accelerate its efforts to select a successor for the CEO position, with the goal of concluding the search by the end of October.

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