(Yicai) Dec. 13 -- Nissan Motor has named Chief Financial Officer Stephen Ma as the new head of its business in China, where the Japanese automaker’s sales have sunk amid stiff competition.

Ma will chair Nissan’s management team in China, reporting to Chief Executive Officer Makoto Uchida, from Jan. 1, the Yokohama-based company announced on Dec. 11. Jeremie Papin, who heads its management team for the Americas, will replace Ma as CFO.

Ma, 54, joined Nissan in 1996. In 2003, he was sent to China after the firm set up a joint venture with Wuhan-based Dongfeng Motor. He became the JV’s president in 2012 but was reassigned to Nissan’s headquarters in 2018.

“With extensive experience and knowledge of China, along with his global leadership background, Ma will focus on shaping the future strategy for the region and enhancing local operations,” Nissan noted.

Nissan is under intense pressure after reporting a JPY9.3 billion (USD60.8 million) third-quarter net loss, compared with a JPY190.7 billion (USD1.2 billion) net profit a year earlier. Revenue fell 5 percent to JPY3 trillion (USD19.6 billion). A senior official at the carmaker told the Financial Times last month that it had 12 to 14 months to turns things around.

One of the reasons for Nissan’s declining performance is sluggish sales in the Chinese market. In the 11 months ended Nov. 30, sales in China plunged 11 percent to 621,713 vehicles from a year ago, mainly because of fierce competition.

Nissan is not the first foreign carmaker to name new blood to lead its China business. On Dec. 11, Mercedes-Benz said Oliver Thöne, its head of product strategy and steering, will join its board with responsibility for China from Feb. 1.

Early this month, Stellantis CEO Carlos Tavares resigned, and the firm set up a temporary executive committee with Maxime Pictat as the member overseeing China and the Asia-Pacific region.

Editors: Dou Shicong, Futura Costaglione