Nissan plans to cut 9,000 after slashing sales, earnings forecast, WSJ says

Nissan Motor (NSANY) is going to embark on a turnaround plan that includes cutting 9,000 jobs and reducing global production capacity by a fifth after it downgraded its annual sales and earnings forecasts, Kosaku Narioka of The Wall Street Journal reports. Additionally, Nissan will reduce its stake in Mitsubishi Motors (MMTOF) to as low as 24% from 35% and its CEO will take a voluntary pay cut of 50%. In order to achieve healthy growth, the company will have to cut billions of dollars in costs, it said. Nissan aims to reduce fixed costs by $1.94B.