Embattled Japanese automaker Nissan has tapped Jeremie Papin as its chief financial officer in a major management reshuffle billed as key to a turnaround.

Japan's second-biggest automaker on Tuesday cut its sales forecast for the year after yet another lackluster earnings quarter that saw profit plunge by 70%. He said Tuesday that the company expects to post operating profits of 150 billion yen ($1.4 billion) for the year, down from the original outlook of 230 billion yen ($2.1 billion). Analysts polled by Refinitiv had expected Nissan to report 47.5 billion yen ($435 million) in operating profit. Revenue for the most recent quarter fell 6.6% to 2.63 trillion yen ($24 billion), in line with analysts' expectations. Shares in Renault, Nissan's largest shareholder, fell 2% in Paris following the disappointing earnings report.