Part 4/13:
Under Ghosn’s leadership, Nissan underwent aggressive cost-cutting measures: the closure of five Japanese plants, layoffs of 21,000 workers, and drastic expense reductions. Ghosn’s motto was clear — “Goals must be met or leadership resigns.” His bold strategies paid off; Nissan reported a historic high of $2.7 billion in net profits in his first year, a remarkable recovery from a loss of over $6 billion.
But the success was short-lived. In 2005, Ghosn became CEO of Renault as well, making him the first executive to helm two Fortune Global 500 companies simultaneously. The alliance between Nissan, Renault, and later Mitsubishi, expanded rapidly, creating a formidable global automaking behemoth.