Nissan investors have high hopes for change. The board has decided to remove CEO Hiroto Saikawa, who faces allegations over the receipt of certain excess payments as part of an incentive scheme. But his departure will not mean a quick turnaround for the Japanese carmaker.

Nissan is in bad shape. Operating profit is the lowest in more than a decade, down 99% in the second quarter. Net profit is expected to drop almost a half in the current financial year. Cutting 10% of the workforce has not been enough. A tense relationship with Renault has stunted progress.

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