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. Last Updated: 07/27/2016

Ghosn Heads Nissan

TOKYO -- Nissan Motor Co. Ltd. on Tuesday approved Carlos Ghosn as its next president after he signaled that Japan's third-largest and struggling automaker could return to profitability in the current business year.

Profitability, not wide-ranging job cuts, was the aim of the company's sweeping three-year restructuring, Ghosn in his guise as chief operating officer told the firm's annual shareholders' meeting, which lasted a record four hours.

Ghosn f known as "Le Cost Killer" f was sent in to sort out Nissan after French Renault took a controlling 36.8 percent stake last year and has begun one of the most drastic restructurings in Japanese corporate history.

Last month, Nissan reported a net loss of 684 billion yen ($6.48 billion) in the year to March 31 f its seventh year of losses in the past eight.