Nissan Motor will reassign Chief Financial Officer Stephen Ma to head its China business in January, it said on Wednesday, a high-profile shake-up for the crisis-hit Japanese automaker as it cuts thousands of jobs worldwide.

Nissan Motor Co. Chief Executive Officer Makoto Uchida will remain in place, while Jeremie Papin becomes chief financial officer effective Jan. 1.

Nissan Motor's board has decided to reassign Chief Financial Officer Stephen Ma to head its China business, the Nikkei newspaper reported, a high-profile shake-up for the crisis-hit Japanese automaker as it cuts thousands of jobs.

Nissan said last month its half-year net earnings were down more than 90 per cent from the same period last year and cut its annual operating profit forecast by about 70 per cent

Nissan Motor Co. is overhauling its executive bench, seeking to bring in new talent to turn around the Japanese carmaker that’s facing eroding profits, mounting debt and a dearth of revenue-generating products.