Nissan posts weaker than expected profits in Q3

Japan's second-biggest automaker Nissan has reported weaker than expected profits for Q3 and reshuffled its management to cope with quality issues and tough market conditions.

The company posted a 107.8 billion yen net profit for the third quarter, with a meager 2% increase from 105.7 billion yen last year, the Japan Times reports.

Meanwhile, the company's quarterly sales rose 16% to 2.5 trillion yen.

Nissan President and Chief Executive Carlos Ghosn said the main reason was their weakness in many emerging markets and painfully expensive recalls.

The company's Chief Operating Officer (COO), Toshiyuki Shiga, has been made the vice chairman and three other executives were appointed as COOs.