Carlos Ghosn led turnarounds of both Renault and Nissan after being appointed their CEO. When he joined Nissan in 1999 as COO, the company was struggling with high debt, weak products, and lack of coordination. He cut over 20,000 jobs, closed a plant, and trimmed non-core assets. By 2001 when he became CEO, Nissan's net profits had climbed to $2.7 billion from a $6 billion loss. Ghosn stressed respecting Japanese culture, transparency, communication, and encouraging innovation to succeed in turning Nissan around. His success earned him the nicknames "Mr. Fix It" and "le cost killer."