Nissan Names New North American Chief

Nissan Motor Co. named Nobuo Araki head of its North America unit, succeeding Minoru Nakamura. Araki, 55, is currently president of Nissan Mexico. Nakamura, 57, will become president of Nissan Car Leasing Co. as part of a management restructuring at its Tokyo headquarters after Renault’s purchase last month of 37% of Nissan. Nakamura assumed control of the Torrance-based North American business in late 1997, reducing sales incentives and cutting marketing costs. He ushered in a change in Nissan’s North American products, with four new or redesigned vehicles due this year, including the Xterra sport-utility vehicle that goes on sale in June. Nissan’s first-quarter U.S. sales rose 4.4% to 145,438 vehicles, good news on the heels of a 15% decline last year to 621,528 vehicles. The management change is effective June 1. Nissan’s American depositary receipts rose 3 cents to close at $7.56 on Nasdaq.